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 downturn as countries seek to contain the coronavirus.
• Globally, financial markets are working more effectively than they were a month ago, although conditions have not completely normalised.
• There has been a substantial, coordinated and unprecedented fiscal and monetary response in Australia to the coronavirus.

The Board is committed to do what it can to support jobs, incomes and businesses during this difficult period and to make sure that Australia is well placed for the expected recovery.

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

Published : 05 May 2020