Australia’s economic recovery might be on shaky ground, but interest rates remain steady, with the Reserve Bank once again leaving the official cash rate unchanged at 0.1% this month.
“The economic recovery in Australia has been stronger than was earlier expected”, Governor Philip Lowe said in his monthly statement, adding that recent outbreaks of the virus are, however, ‘interrupting the recovery and GDP is expected to decline in the September quarter’.
Acknowledging that the economic outlook for the coming months is uncertain and depends on the evolution of the health situation and the containment measures, Governor Lowe reiterated that interest rates will stay low for the next few years.
