The Reserve Bank of Australia has decided to keep the latest record level cash interest rate of 0.25 percent. This is in response to the the corona virus pandemic that has been affecting global economies.
RBA Governor Philip Lowe said the pandemic remains a major public health issue and many countries are expected to suffer the consequences. Increases in unemployment is just one of them.
He cited that central banks have been taking measures to soften the expected contraction and help ensure that when the health crisis is finally over, the country is well placed to recover.
Governor Lowe also assured that although Australia is going through a difficult situation, the financial sysstem is well capitalised and in a strong liquidity position. He added the Board is committed to support jobs, incomes and businesses while it is facing this corona virus pandemic.
Last week, the Reserve Bank Board decided to cut the interest rates for the first time outside of its regular monthly meeting. The emergency cut was due to the growing corona virus health crisis that has been affecting the world economy.
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By Wendy Chamberlain
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With a passion for all things real estate spanning over 20 years, Wendy loves that her role as a Buyers Agent and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.wendychamberlain.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.