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RBA Reviewed Case for Further Rate Cut, Worried About Borrowing

Tuesday, 18 February 2020 08:02 WIB RBA Bank Sentral Australia, Reserve Bank of Australia

Australia’s central bank reviewed the case for a further interest-rate cut, but decided against it in order to avoid encouraging additional borrowing as house prices climb, minutes of its Feb. 4 meeting in Sydney showed. The Reserve Bank also expects the coronavirus outbreak to “subtract from growth in exports over the first half of 2020,” the minutes released Tuesday showed. It acknowledged it was “difficult to assess potential indirect effects on activity” from the epidemic and devastating wildfires over summer as data were yet to be published. Yet while maintaining an easing bias and reiterating its expectation rates were likely to stay low for “an extended period,” the bank...

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At its March monetary policy meeting on Tuesday, the Reserve Bank of Australia (RBA) cut its official cash rate (OCR) by 25bps to a record low of 0.50%, as they weighed in the coronavirus outbreak

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