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Australia Central Bank Pins Hope on Quicker Economic Recovery After Pandemic Shutdown

Tuesday, 2 June 2020 13:25 WIB Ekonomi Australia Bank Sentral Australia, RBA Rates Philip Lowe

Australia’s central bank held rates at all-time lows on Tuesday and sounded less gloomy as the economy gradually re-opens during what is likely to be the worst quarter since the Great Depression. The Reserve Bank of Australia (RBA) left rates at 0.25% at its monthly policy meeting in a widely expected decision, and said the “accommodative approach will be maintained as long as it is required.” In a short post-meeting statement Governor Philip Lowe said the RBA was prepared to scale up government bond purchases if needed to ensure three-year yields held around 25 basis points. Australia’s A$2 trillion ($1.4 trillion) economy is experiencing its biggest contraction since the 1930s in the...

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