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- Reserve Bank of Australia cuts the cash rate to 0.25% from 0.50%
Reserve Bank of Australia cuts the cash rate to 0.25% from 0.50%
Comments by RBA governor, Philip Lowe:
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Expects cash rate to remain at current level for some years, but not forever
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RBA doing all it can to lower funding costs, support supply of credit to businesses
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RBA will not be buying bonds directly from the government
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May take some time for yields to fall from current level to 25 bps
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Expects yield target to be removed before raising the cash rate
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Expects a recovery once the virus is contained
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Also expecting significant job losses as the virus fallout hits
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Will maintain current setting of rates until a strong recovery is in place
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Nothing is off the table with policy
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Expects bond yields across term structure to decline
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Will do whatever is necessary to make sure credit is available
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Says that we've done all we can do with the cash rate
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The focus now is on taking other measures to support lending
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