The RBA has announced its decision for the official cash rate for September.
Cash rate remains on hold.
It came as no surprise that the Reserve Bank of Australia (RBA) Board held the cash rate at the 0.10% target rate yet again this month, citing the interruption to economic growth by the recent outbreaks.
Governor Philip Lowe had this to say in his official statement:
“Housing prices are continuing to rise, although turnover in some markets has declined following the virus outbreak. Housing credit growth has picked up due to stronger demand for credit by both owner-occupiers and investors.”
“The Board is committed to maintaining highly supportive monetary conditions to achieve a return to full employment in Australia and inflation consistent with the target. It will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range. The central scenario for the economy is that this condition will not be met before 2024.”
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