At its meeting today, the Board decided to leave the cash rate unchanged at 0.75 per cent.
- The outlook for the global economy remains reasonable. While the risks are still tilted to the downside, some of these risks have lessened recently.
- After a soft patch in the second half of last year, the Australian economy appears to have reached a gentle turning point.
- Interest rates are very low around the world and a number of central banks have eased monetary policy over recent months in response to the downside risks and subdued inflation.
- The easing of monetary policy this year is supporting employment and income growth in Australia and a return of inflation to the medium-term target range.
The Board is prepared to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the inflation target over time.
To view the full statement of Philip Lowe, Governor of the Reserve Bank, please click here.
Published : 02 Dec 2019