Reserve Bank of Australia (RBA) has forecasted that Australia will reach full employment in two years following better than expected unemployment figures and 12-year high levels of job ads. In today’s board meeting, the RBA upgraded its economic forecast while keeping the cash rate at near zero percent—which will remain at current levels until “2024 at…
Banks Should Not Let Lending Practices Slip: RBA
April 13, 2021
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The Reserve Bank of Australia (RBA) has warned banks not to let lending standards fall as the financial sector could be shaken from any debt blow out under a housing price correction. In its biannual financial stability review (pdf), the central bank stressed the importance of the financial sector avoiding excessive risk-taking in the form…
Reserve Bank of Australia Holds Cash Rate Amid Red Hot Housing Market
April 7, 2021
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The Reserve Bank of Australia (RBA) has said it would continue to “carefully” monitor trends in housing borrowing after announcing it will hold the cash rate at the current record low 0.1 percent. Following the bank’s monthly meeting, RBA Governor Philip Lowe noted Australia’s economic recovery was much stronger than initially expected. However, despite the…
Wages Need to Grow Before Interest Rate Rises: RBA Governor
March 10, 2021
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Wages growth needs to be sustainably above three percent before the Reserve Bank of Australia (RBA) considers raising official interest rates, says RBA governor Philip Lowe. In his speech to The Australian Financial Review’s (AFR) business summit, the governor disagreed with market expectation for a cash rate increase late next year and then again in…
RBA Holds Cash Rates at Historic Low
The Reserve Bank of Australia (RBA) has announced it will keep cash interest rates at the historic low of 0.1 percent in the wake of its first board meeting in 2021 on Feb. 2. RBA governor Philip Lowe said that while the economy is bouncing back more strongly than anticipated, with GDP predicted to return…
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