The Reserve Bank has held the official cash rate at 0.25 per cent
The Reserve Bank of Australia (RBA) has decided to leave the cash rate unchanged at 0.25 per cent.
In Governor Philip Lowe’s official statement today, “A recovery is now under way in most of Australia, although the second-wave outbreak in Victoria has resulted in a further contraction in output there”
“The Board is committed to do what it can to support jobs, incomes and businesses in Australia. Its actions, including last month’s decision to expand the Term Funding Facility, are keeping funding costs low and assisting with the supply of credit. It will maintain highly accommodative policy settings as long as is required and will not increase the cash rate target until progress is being made towards full employment and it is confident that inflation will be sustainably within the 2–3 per cent target band.”
What does this mean for Australians? Essentially, the RBA is committed to keep funding costs low, allowing borrowers to get a competitive deal on existing or future loans.
Get in touch today to see if you can benefit from the low cash rate!
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