As widely expected by the market experts, the RBA (Reserve Bank of Australia) has kept the interest rate steady at 0.75 per cent in its February 2020 meeting.
In its monetary policy decision update, the RBA also mentioned the following:
- Coronavirus outbreak and bushfires will weigh on the nation’s growth temporarily.
- Unemployment rate is likely to remain at 5.1 per cent level for some time.
- Australia’s inflation remains stable and low.
- Signs of an improvement in established housing markets continue to persist.