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Reserve Bank Cuts Interest Rates By 0.25%

Feb 03, 2015

The Reserve Bank of Australia has cut the cash rate by 0.25% to 2.25%.

It is the first movement in interest rates for eighteen months. The bank cut rates by 0.5% during 2013 but made no changes in 2014.

In a statement, the Governor of the Reserve Bank, Glenn Stevens, said commodity prices have continued to decline and the price of oil has fallen significantly in recent months. Lower energy prices will strengthen global output and lower inflation. However, the bank says growth in Australia “is continuing at a below-trend pace”.

Stevens says the interest rate cut will “is expected to add some further support to demand, so as to foster sustainable growth and inflation outcomes consistent with the target”.

Statement from Glenn Stevens, Governor of the Reserve Bank of Australia.

Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to lower the cash rate by 25 basis points to 2.25 per cent, effective 4 February 2015.

Growth in the global economy continued at a moderate pace in 2014. China’s growth was in line with policymakers’ objectives. The US economy continued to strengthen, but the euro area and Japanese economies were both weaker than expected. Forecasts for global growth in 2015 envisage continued moderate growth. [Read more…]

Filed Under: Economy, Reserve Bank Tagged With: , ,

Interest Rates Stay On Hold For 14th Consecutive Month

Oct 07, 2014

The Reserve Bank of Australia has left interest rates unchanged for the fourteenth consecutive month.

The cash rate of 2.5% was set in August 2013 and has remained unchanged since then. It is the longest period of interest rate stability since 2005-06.

In a statement, the bank’s Governor, Glenn Stevens, said: “The exchange rate has declined recently, in large part reflecting the strengthening US dollar, but remains high by historical standards, particularly given the further declines in key commodity prices in recent months. It is offering less assistance than would normally be expected in achieving balanced growth in the economy. Looking ahead, continued accommodative monetary policy should provide support to demand and help growth to strengthen over time. Inflation is expected to be consistent with the 2–3 per cent target over the next two years.”

Statement by Glenn Stevens, Governor of the Reserve Bank of Australia.

Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 2.5 per cent. [Read more…]

Filed Under: Reserve Bank Tagged With: , ,

No Change To Interest Rates; Cash Rate Still 2.5%

Sep 02, 2014

At its monthly board meeting today, the Reserve Bank of Australia has left the cash rate unchanged at 2.5%.

The cash rate was last changed in August 2013, when it was reduced from 2.75%.

Statement from Glenn Stevens, Governor of the Reserve Bank of Australia.

Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 2.5 per cent.

Growth in the global economy is continuing at a moderate pace. China’s growth remains generally in line with policymakers’ objectives, with weakening property markets a challenge in the near term. Commodity prices in historical terms remain high, but some of those important to Australia have declined this year. [Read more…]

Filed Under: Reserve Bank Tagged With: , , ,

RBA Leaves Rates Unchanged

Aug 05, 2014

The Reserve Bank has again left interest rates unchanged, following its monthly board meeting.

The cash rate is 2.5%. It has been set at this rate since August last year.

Statement from Glenn Stevens, Governor of the Reserve Bank of Australia.

Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 2.5 per cent.

Growth in the global economy is continuing at a moderate pace, helped by firmer conditions in the advanced countries. China’s growth remains generally in line with policymakers’ objectives. Commodity prices in historical terms remain high, but some of those important to Australia have declined this year. [Read more…]

Filed Under: Reserve Bank Tagged With: , , ,

No Change To Interest Rates At Reserve Bank Board’s July Meeting

Jul 01, 2014

The Reserve Bank of Australia has left interest rates on hold for the eleventh month in a row.

The cash rate of 2.50% remains unchanged. It was last changed in August last year.

The Governor of the Bank, Glenn Stevens, said: “In the Board’s judgement, monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target. On present indications, the most prudent course is likely to be a period of stability in interest rates.”

Statement from the Governor of the Reserve Bank, Glenn Stevens.

Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 2.5 per cent.

Growth in the global economy is continuing at a moderate pace, helped by firmer conditions in the advanced countries. China’s growth slowed a little earlier in the year but remains generally in line with policymakers’ objectives. Commodity prices in historical terms remain high, but some of those important to Australia have declined. [Read more…]

Filed Under: Audio, Reserve Bank Tagged With: , , ,
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