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

• The global economy is experiencing a severe contraction as countries seek to contain the coronavirus.
• Globally, conditions in financial markets remain accommodative. Volatility has declined and there have been large raisings of both debt and equity.
• As Australians deal with the coronavirus, the economy is being supported by the substantial, coordinated and unprecedented easing of fiscal and monetary policy.

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 : 03 Aug 2020