BREAKING: RBA Keeps Cash Rate on Hold at 0.10%
Cash rate decision:
The Reserve Bank of Australia (RBA) has decided to keep the cash rate on hold at 0.10% at its monthly meeting today. This is the lowest level in the RBA's history and has been maintained since November 2020.
Implications for borrowers and savers:
The decision to keep the cash rate unchanged means that interest rates for borrowers and savers will remain at their current levels. This will be welcome news for many borrowers who are already struggling with the cost of living. However, it may also be a disappointment to savers who have been hoping for higher returns on their deposits.
RBA's outlook:
In a statement accompanying the decision, the RBA said that it expects the economy to continue to grow in the coming months. However, the RBA also warned that there are a number of risks to the outlook, including the ongoing COVID-19 pandemic and the war in Ukraine.
The RBA said that it will continue to monitor the economy closely and will adjust its policy settings as necessary.
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