![Australia's Central Bank Holds Cash Rates At Near-Zero Levels](https://magarticles.magzter.com/articles/19378/599690/6019ef653a750/Employment.jpg)
Australia’s central bank (CB) held cash rates at near-zero levels in a widely expected decision on Tuesday, but surprised markets by expanding its bond buying programme by another A$100 billion ($76.4 billion) to help strengthen the economic recovery.
At its first policy meeting of the year, the Reserve Bank of Australia (RBA) left its cash rates and the three-year government bond yield target at 0.1% while reiterating its commitment to not tighten policy until actual inflation is within its 2-3% target range.
The pledge to buy more bonds pulled yields on 10-year paper back to 1.115%, having hit a 10-month top of 1.19% early in the session. The Australian dollar eased to $0.7625 from $0.7660 before the statement.
“The Board remains committed to maintaining highly supportive monetary conditions until its goals are achieved,” Governor Philip Lowe said in a short post-meeting statement. “Given the current outlook for inflation and jobs, this is still some way off.”
For the RBA to meet its inflation target, wages growth will have to be “materially higher” than the 1.4% rate currently, he added.
“This will require significant gains in employment and a return to a tight labour market. The Board does not expect these conditions to be met until 2024 at the earliest,” the RBA chief said.
This story is from the February 03, 2021 edition of Gulf Today.
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This story is from the February 03, 2021 edition of Gulf Today.
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