The Reserve Bank of Australia decided to hold the cash rate at their monthly meeting this week, at the record low of 0.25 per cent.
The move reaffirms the RBS’s commitment to supporting the Australian economy through the coronavirus predicament.
The board members reiterated that the bank would not increase the cash rate until progress is being made towards full employment, and it is confident that inflation will be sustainably within the 2-3 per cent target band.
It’s said that the RBA will need to consider other ways to help the economy, which could include the easing of financial restrictions and changes to taxation to name a few.
The government reported that the lockdown is costing the economy $4 billion per week, so the focus and priority is to get people back to work as soon and as safely as possible.
Despite no movement in the cash rate, the RBA recently flagged that it was achieving its goal of slowing down the purchasing of government bonds in the secondary market. This was one of the central features of [the RBA’s] COVID-19 response with the goal of anchoring the three-year government bond rate to the cash rate of 0.25 per cent.
Here at Amber Werchon Property we are abiding by social distancing regulations and have in procedures in place. Even during open home restrictions, our agents have been experiencing an influx of online enquiries and increased private inspections. Get in contact with us today to see how we can help you, sell safely.