RBA holds cash rate at 0.25%

(Australian Associated Press)

 

The Reserve Bank of Australia has kept the cash rate at a record low 0.25 per cent, as widely expected by economists.

Governor Philip Lowe said the central bank’s board would not increase the cash rate target until progress was made towards full employment and it was confident that inflation would be sustainably within the 2.0 per cent to 3.0 per cent target band.

The RBA cut the cash rate twice in March to 0.25 per cent in an effort to cushion the economic impact of the coronavirus crisis.

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