At today’s meeting, RBA decided to cut the cash rate by 25 basis points to 0.50%, a new record low, to support the nation’s economy under the potential threat from the global coronavirus outbreak.
- Due to the recent coronavirus outbreak globally, the near-term outlook will be lower than earlier expected.
- Coronavirus has already impacted Australia’s education and travel sectors, and will further put pressures on domestic spendings and wages.
- Though how long and how much effects the coronavirus will affect the global economy are still unknown, precaution measures have already been undertaken by countries to stimulate their economies.
- Long-term government bond yields have dropped to record lows in many countries, including Australia.
- Australia dollar has depreciated further to the lowest point for many years.
- Unemployment rate keeps around 5.3-5.4% low levels, plus high levels of spending on infrastructure, the lower foreign currency exchange rate, positive outlook for resource and property sectors, it would have been expected that the Australia’s economy’s downturn will be end this year, if the coronavirus outbreak did not happen.
- Therefore as a stimulus measure, RBA decided to cut the interest rate again to support employment and economic activity.
- RBA will continue to monitor the development of coronavirus outbreak and steps of easing monetary policy further are still on RBA’s shelves.
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