Australia Keeps Policy Rates Unchanged

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Australia’s central bank left its interest rate and the target yield on three-year government bonds unchanged on Tuesday, as widely expected.

At the monetary policy meeting on Tuesday, the Reserve Bank of Australia board kept its interest rate at a record low 0.25 percent and the targeted yield on three-year government bonds at around 0.25 percent.

Policymakers said this accommodative approach will be maintained as long as it is required.

The Board said it will not increase the cash rate target until progress is being made towards full employment and it is confident that inflation will be sustainably within the 2-3 percent target band.

The bank observed that the outlook, including the nature and speed of the expected recovery, remains highly uncertain and the coronavirus pandemic is likely to have long-lasting effects on the economy.

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