RBA holds cash rate at 0.25%

The Reserve Bank of Australia has kept the cash rate at a record low 0.25 per cent, as widely expected by economists.

Governor Philip Lowe said the central bank’s board would not increase the cash rate target until progress was made towards full employment and it was confident inflation would be sustainably within the 2.0 per cent to 3.0 per cent target band.

He said it was possible the depth of the downturn would be less than expected but the outlook, including the nature and speed of the expected recovery, remained highly uncertain.

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