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Reserve Bank Cuts Cash Rate By 0.25% In First Movement For Three Years

Jun 04, 2019

The Reserve Bank of Australia has lowered the cash rate by 25 basis points to 1.25 per cent, the first change in interest rates in thirty-four months.

In its decision, the Board of the Reserve Bank said the decision was taken “to support employment growth and provide greater confidence that inflation will be consistent with the medium-term target”.

The Board referred to the growth in “trade disputes” and said that growth in international trade remains weak.

Monetary Policy Decision – Statement by Philip Lowe, Governor

At its meeting today, the Board decided to lower the cash rate by 25 basis points to 1.25 per cent. The Board took this decision to support employment growth and provide greater confidence that inflation will be consistent with the medium-term target. [Read more…]

Filed Under: Morrison, Reserve Bank Tagged With: ,

At Year’s End, Reserve Bank Leaves Cash Rate At 1.5%

Dec 06, 2016

As 2016 ends, the Reserve Bank of Australia has left the cash rate at 1.5%.

At its monthly board meeting, the bank made no change to the rate that has been in place since August. Movements in the cash rate are generally reflected in movements in commercial interest rates.

In a statement, the bank’s Governor, Philip Lowe, repeated points made in previous months about rising commodity prices, the effective functioning of financial markets and Australia’s transition from the mining investment boom. It says unemployment has decreased, inflation is low and the housing market has strengthened.

At the beginning of the year, the cash rate was 2.0%. The bank reduced the rate by 0.25% in May and by 0.25% in August. The rate is at an historic low point.

Statement by Philip Lowe, Governor of the Reserve Bank of Australia.

Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent.

The global economy is continuing to grow, at a lower than average pace. Labour market conditions in the advanced economies have improved over the past year. Economic conditions in China have steadied, supported by growth in infrastructure and property construction, although medium-term risks to growth remain. Inflation remains below most central banks’ targets, although headline inflation rates have increased recently. Globally, the outlook for inflation is more balanced than it has been for some time. [Read more…]

Filed Under: Economy, Reserve Bank Tagged With: ,

Reserve Bank Leaves Cash Rate At 1.50% At Monthly Meeting

Sep 06, 2016

The Reserve Bank left the cash rate at 1.50%, at its monthly meeting today.

The bank’s board set the rate at the historic low of 1.50%.

The bank’s Governor, Glenn Stevens, said inflation is “quite low” and is expected to remain that way “for some time”.

Stevens said: “In Australia, recent data suggest that overall growth is continuing, despite a very large decline in business investment, helped by growth in other areas of domestic demand and exports. Labour market indicators continue to be somewhat mixed, but suggest continued expansion in employment in the near term.” [Read more…]

Filed Under: Economy, Reserve Bank Tagged With: , ,

Historic Low For Interest Rates As Reserve Bank Lowers Cash Rate To 1.50%

Aug 02, 2016

The Reserve Bank today lowered the cash rate 25 basis points to 1.50%, a historic low point for interest rates in Australia.

In the second cut this year, the Bank lowered the cash rate from 1.75%, citing “difficult conditions” in “a number of emerging market economies”. Australia’s terms of trade “remain much lower than they had been in recent years”.

A statement from the Reserve Bank Governor, Glenn Stevens says “low interest rates have been supporting domestic demand and the lower exchange rate since 2013 is helping the traded sector”.

In what could be construed as a plea to the banks, the statement says: “Financial institutions are in a position to lend for worthwhile purposes.”

Text of media release from Glenn Stevens, Governor of the Reserve Bank of Australia.

Monetary Policy Decision

At its meeting today, the Board decided to lower the cash rate by 25 basis points to 1.50 per cent, effective 3 August 2016. [Read more…]

Filed Under: Economy, Reserve Bank Tagged With: , ,
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