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RBA holds record low cash rate of 0.25%

Reserve Bank officials have left the record low cash rate unchanged at 0.25 per cent, as many businesses in Victoria stop trading as part of a six-week hard lockdown.

Economists expected bank officials to leave rates on hold at the monthly board meeting on Tuesday, given Victoria’s tougher restrictions will mean more people without work and challenge company profits.

The RBA has not changed the cash rate since March, when it announced quantitative easing measures as the coronavirus pandemic took hold in Australia.

The bank is due to publish its Statement on Monetary Policy on Friday, which includes updated forecasts of employment, GDP and inflation.

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