The Reserve Bank of Australia has today announced the official cash rate for December 2019 to remain at 0.75%. It is unchanged since the last rate cut in October 2019.
The cash rate is at a record low. Their stance is markedly different from USA who have raised rates since the bottom.
RBA Governor Philip Lowe said that there are risks to the economy, especially the trade war between USA and China. Inflation remains low in Australia while the economy seemed to reached a turning point that will leave punters analysing if indeed it is true. He forecasts growth in Australia to pick up in 2021.
Economists expect further rate cuts by RBA to boost the economy before any hikes.
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