Reserve Bank of Australia (RBA)

RBA holds fire, disappoints the doves

Australian economic progress may force RBA's hand sooner than expected

RBA Minutes: The bank's central scenario for the economy is that condition for rate hikes will not be met before 2024

“The bank's central scenario for the economy is that condition for rate hikes will not be met before 2024,” the Reserve Bank of Australia (RBA) July meeting’s minutes revealed on Tuesday. "Board remains committed to maintaining highly supportive monetary conditions." "Recovery in the labour market had continued to be faster than expected."

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August RBA meeting review

July RBA meeting review

RBA keeps rates steady at 0.10% in July, plans third round of QE

The Reserve Bank of Australia (RBA) board members announced a no change to the official cash rate (OCR), leaving it at a record low of 0.10% at their July monetary policy meeting. The central bank said that it will keep yield curve target at April 2024 bond and not extend to November 2024 line.

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Big Picture

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.