The board of the Reserve Bank of Australia decided to leave the cash rate as is at 3.25 per cent at its monetary policy meeting today.
The deterioration of global economic conditions continues to weigh down business and consumer sentiment. The domestic economy is almost certainly entering a recession, with an outcome being an increase in unemployment as economists are forecasting that the unemployment rate will move towards 5.5 per cent by the year’s end.
However, Australian demand has not weakened as much as in other countries and “together with the substantial fiscal initiatives, the cumulative decline in interest rates will provide significant support to domestic demand over the period ahead.”
On this basis, the Reserve Bank of Australia deemed the current stance on monetary policy sufficient for the time being.
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Tags: Bank, bank of australia, cent, consumer sentiment, domestic economy, global economic conditions, Reserve, reserve bank of australia, today, unemployment
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