BREAKING: RBA keeps rates on hold at 0.25 per cent ahead of key economic data
The Reserve Bank of Australia has held official interest rates at a record low 0.25 per cent ahead of new data set to confirm the nation's deepest economic downturn since the 1930s.
While keeping rates steady, Dr Lowe revealed the bank would continue to offer cheap finance to banks under its term funding facility.In a sign the RBA expects the coronavirus pandemic to be a long-term drag on the economy, banks will be offered the equivalent of 2 per cent of their outstanding credit at an interest rate of just 0.25 per cent for the next three years."Today's change brings the total amount available under this facility to around $200 billion," he said.
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