At its meeting today, the Board of the Reserve Bank of Australia have decided to maintain the targets for the cash rate and the yield on 3-year Australian Government bonds of 25 basis points.

• It also decided to increase the size of the Term Funding Facility and make the facility available for longer.
• Employment increased in June and July, although unemployment and underemployment remain high.
• Wage and prices pressures remain subdued and this is likely to continue for some time. Inflation is expected to average between 1 and 1½ per cent over the next couple of years.
• The economy is being supported by the substantial, coordinated and unprecedented policy easing over the past six months.

The Board is committed to do what it can to support jobs, incomes and businesses in Australia.

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

Published : 01 Sep 2020