Australia's central bank held its cash rate at an all-time low on Tuesday, in a widely expected decision, and said it will help buttress the economic recovery by maintaining its accommodative approach for 'as long as it is required.'
SYDNEY - Australia’s central bank held its cash rate at an all-time low on Tuesday, in a widely expected decision, and said it will help buttress the economic recovery by maintaining its accommodative approach for “as long as it is required.”
In a short post-meeting statement Governor Philip Lowe noted Australia’s A$2 trillion economy was in the midst of its biggest contraction since the 1930s. Lowe’s relatively optimistic tone comes in the wake of a significant drop in new infections across most the country, earlier-than-expected easing of restrictions, a solid pick-up in retail spending and a hefty bump in job vacancies.
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