Australia’s GDP posted a 0.2% q/q rise in 1Q25, lower than consensus expectations for a 0.4% q/q print, and growth pace of 0.6% q/q in 4Q24. It was also weaker than the RBA’s May Statement on Monetary Policy forecast of 0.4%.
Reserve Bank of Australia (RBA) Assistant Governor Sarah Hunter warned on Tuesday, “higher US tariffs will put a drag on the global economy.”
The RBA published the Minutes of its May monetary policy meeting on Tuesday, highlighting that the board decided the case for a 25 bps cut was a stronger one and preferred policy to be cautious and predictable.
Reserve Bank of Australia (RBA) Governor Michele Bullock is due to hold a press conference following the central bank's decision to cut the benchmark interest rate to 3.85% from 4.1% on Tuesday.
Reserve Bank of Australia (RBA) Governor Michele Bullock is speaking at the press conference, explaining the reason behind maintaining the interest rate at 4.1% in the April policy meeting.
The Reserve Bank of Australia (RBA) board members decided to keep the Official Cash Rate (OCR) unchanged at 4.35% after its May monetary policy meeting on Tuesday.
The Reserve Bank of Australia (RBA) is Australia's central bank, deriving its functions and powers from the Reserve Bank Act 1959. Its primary duty is to contribute to currency stability, full employment and the economic prosperity and welfare of the Australian people. The RBA achieves this by setting the cash rate to meet a medium-term inflation target of between 2% and 3%, maintaining a strong financial system and efficient payment infrastructure and issuing the nation's banknotes.
Decisions are made by a board of governors at eight meetings a year and ad hoc emergency meetings as required.
The RBA provides banking services to the Australian Government, its agencies and several overseas central banks and official institutions. Additionally, it manages Australia's gold and foreign exchange reserves.
The Official Website, on X and YouTube
Michele Bullock is an Australian economist and the current Governor of the Reserve Bank of Australia. She assumed the role in September 2023 and is the first woman to hold the position. She is the Chair of the Reserve Bank Board, Payments System Board and Council of Financial Regulators. Prior to her current role, Bullock was the Deputy Governor of the RBA.
Bullock on his RBA profile and Wikipedia.
The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.
