The RBA confirmed today that the official cash rate will remain on hold at a record 0.1%. The Board restated its position on keeping the rate at its current level “until actual inflation is sustainably within the 2 to 3 per cent target range [which the Board expects] will not be met before 2024”.
RBA Governor Philip Lowe stated that the impact extended COVID-19 lockdowns were having on Australia was significant.
“The recovery in the Australian economy has, however, been interrupted by the Delta outbreak and the associated restrictions on activity, Mr Lowe indicated.
“This setback to the economic expansion is expected to be only temporary. The Delta outbreak is expected to delay, not derail, the recovery,” said Mr Lowe.
The continued resilience of the housing market is certainly helping keep Australia’s economy above water and once lockdowns are over, the activity will be robust.
he RBA has consistently stated in recent months that the official cash rate is unlikely to change before 2024. The record low interest rate is just one factor underpinning continued demand for housing across the nation.
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