At its meeting today, the Board of the Reserve Bank of Australia have decided to maintain the current policy settings, including: the targets of 10 basis points for the cash rate and the yield on the 3-year Australian Government bond. 

• The global economy is continuing to recover from the pandemic and the outlook is for strong growth this year and next.
• The economic recovery in Australia is stronger than earlier expected and is forecast to continue.
• Housing markets have strengthened further, with prices rising in all major markets.

The Board is committed to maintaining highly supportive monetary conditions to support a return to full employment in Australia and inflation consistent with the target.

To view the full statement of Philip Lowe, Governor of the Reserve Bank, please click here.

Published : 31 May 2021