At it's meeting on 5th November, the board of the Reserve Bank of Australia have decided to leave the cash rate unchanged at 0.75 per cent.
- While the outlook for the global economy remains reasonable, the risks are tilted to the downside.
- Interest rates are very low around the world and a number of central banks have eased monetary policy in response to the persistent downside risks and subdued inflation.
- The central scenario is for the Australian economy to grow by around 2¼ per cent this year and then for growth gradually to pick up to around 3 per cent in 2021.
- The easing of monetary policy since June is supporting employment and income growth in Australia and a return of inflation to the medium-term target range.
The Board will continue to monitor developments, including in the labour market, and 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 : 04 Nov 2019