Reserve Bank of Australia (RBA)

RBA keeps the OCR unchanged at record low of 0.25%

Australian Employment Preview: Victoria’s lockdown taking its toll on employment

Valeria Bednarik
FXStreet

Australia will publish this Thursday its August employment data, and as anticipated last month, the latest lockdown in Victoria is expected to have taken its toll on employment. The market expects to see 50K jobs were lost in the month, while the unemployment rate is foreseen at 7.7% from 7.5% in July. This last, however, remains well below the 10% forecasted by the RBA by the year-end. Worth noting that 71.2K of the new jobs added in July were part-time ones.

Reserve Bank of Australia latest moves to counter coronavirus

RBA Minutes: Board reaffirmed that it would not increase the cash rate target until progress is made towards full employment, inflation

By Ross J Burland |

The Reserve Bank of Australia's board reaffirmed that it would not increase the cash rate target until progress is made towards full employment, inflation. Key notes: Members noted that the downturn had not been as severe as earlier expected and recovery was under way in most of Australia. The board agreed to maintain highly accommodative settings as long as required. Recovery was likely to be uneven, with the COVID-19 outbreak in Victoria having a major effect on the economy. Wage and price pressures remained subdued and this was likely to continue for some time.

RBA: To increase term lending facility

By Dhwani Mehta |

Following are the key headlines from the August RBA monetary policy statement, via Reuters, as presented by Governor Phillip Lowe. “To make facility available for longer.” “Authorised deposit-taking institutions (ADIs) will have access to additional funding, equivalent to 2 percent of their outstanding credit, at a fixed rate of 25 basis points for three years. “ADIs will be able to draw on this extra funding up until the end of June 2021.”

RBA holds key rate at a record low of 0.25%, AUD/USD keeps 0.7400

By Dhwani Mehta |

At its September monetary policy meeting this Tuesday, the Reserve Bank of Australia (RBA) board members kept the official cash rate (OCR) unchanged at a record low of 0.25%, as widely expected. “The board decided to maintain the targets for the cash rate and the yield on 3-year Australian government bonds of 25 basis points,” the statement read.

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September RBA meeting review

RBA: To increase term lending facility

By Dhwani Mehta |

Following are the key headlines from the August RBA monetary policy statement, via Reuters, as presented by Governor Phillip Lowe. “To make facility available for longer. Authorised deposit-taking institutions (ADIs) will have access to additional funding, equivalent to 2 percent of their outstanding credit, at a fixed rate of 25 basis points for three years."

August RBA meeting review

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What is the RBA?

The Reserve Bank of Australia (RBA) is Australia's central bank and derives its functions and powers from the Reserve Bank Act 1959. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet an agreed medium-term inflation target, working to maintain a strong financial system and efficient payments system, and issuing the nation's banknotes.

The RBA provides certain banking services as required to the Australian Government and its agencies, and to a number of overseas central banks and official institutions. Additionally, it manages Australia's gold and foreign exchange reserves.

Who is RBA's president?

Philip Lowe is an Australian economist, born in Wagga Wagga, New South Wales. He is the current Governor of the Reserve Bank of Australia, having succeeded Glenn Stevens on 18 September 2016. He was previously deputy governor under Stevens from 2012.

Lowe on his profile and Wikipedia.

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The World Interest Rates Table

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.