News Articles for Reserve Bank of Australia

Prices in Perth deflated 1 per cent in the December quarter, thanks to the government's electricity credit, but there's an underlying upward pressure.

Some Australians face a prolonged period of unemployment as a result of the COVID-19 pandemic, a Reserve Bank of Australia analysis has warned.

The Reserve Bank has left its suite of monetary policy measures unchanged at its final board meeting of the year.

Former Reserve Bank of Australia governor Glenn Stevens once told parliamentarians that the Australian business community was lacking the "animal spirits" that were needed to drive economic growth.

A major business group believes the federal government's decision to expand a business expense tax break to larger companies will further boost investment and help create jobs.

More Western Australians are employed than at any time since March, with 15,300 jobs created in October as the state recovers from the COVID-19 crash.

Australia looks set to enjoy solid economic growth for the rest of what has been a traumatic year, rebounding smartly from the first recession in nearly three decades.

Reserve Bank governor Philip Lowe says a rapid economic recovery is possible if there is further good news on the health front, such as a COVID-19 vaccine.

The Reserve Bank board is not contemplating any further interest rate reductions after slicing the cash rate to a wafer thin 0.1 per cent.

Australia's biggest banks appear to be chasing new home loan business by cutting their fixed rate products, rather than supporting existing customers with variable rate mortgages.

UPDATE: The Reserve Bank has cut the cash rate to a record low of 0.1 per cent and says it is prepared to do more if necessary.

Scott Morrison agrees with the Reserve Bank that the economic recovery from the COVID-19 recession is under way.

Business failures will increase even as the Australian economy starts to recover from the coronavirus pandemic's impact, a senior Reserve Bank official says.

The recent buoyancy of consumer confidence has yet to be reflected in retail spending, which is down 1.5 per cent in September.

The Reserve Bank says there is scope to cut interest rates further as new figures showed the decline in jobs is not just confined to Victoria.

The jobless rate in WA is among the country's lowest, with some workers finding jobs and some leaving the labour force.

Reserve Bank officials have left the cash rate unchanged at a record low 0.25 per cent, allowing Treasurer Josh Frydenberg's federal budget to have the economic limelight.

There is growing speculation the Reserve Bank board will endorse a suite of measures to further boost the economic recovery from recession, including trimming the cash rate.

WA's domestic economy contracted 6 per cent in the June quarter, slightly better than national figures showing Australia is in recession.

The Australian economy will take a "substantial and heartbreaking" hit from the coronavirus pandemic when official figures are released next week, the prime minister says.

Reserve Bank governor Philip Lowe expects economic growth to contract by 7 per cent when the June quarter figures are released.

Western Australia's jobless rate has improved by a modest amount, with 19,000 more people in mostly full-time work, while national figures worsened to their highest level in 22 years.

Two of Australia's top economic analysts have taken very different views on the validity of printing money to finance deficits in a crisis.

Mathias Cormann has given a strong hint he's exploring leading the OECD after politics, while cautioning Australia's international border closure could continue until late 2021.

The cash rate may have been left unchanged but the Reserve Bank's economic forecast has improved slightly despite a renewed lockdown in Victoria.

The Reserve Bank of Australia sees no need to adjust its policy measures in the current environment, minutes of its July policy meeting show.

The Reserve Bank of Australia has kept the cash rate at a record low 0.25 per cent at its monthly board meeting as it assesses the extent of recovery after the coronavirus-driven economic downturn.

The Reserve Bank of Australia has kept the cash rate at a record low 0.25 per cent at its monthly board meeting as it assesses the extent of the coronavirus-driven economic downturn.

The Reserve Bank boss has given his backing to the prime minister's post-COVID economic reform agenda, saying change is needed to help businesses expand, invest, innovate and hire people.

OPINION: Mixed messages about the economic effects of COVID-19 make it clear that, as with the virus, the world is in uncharted territory.

Josh Frydenberg's first budget was a triumphant "back in black" performance but his second is predicted to show a $143 billion black hole in the nation's finances.

Central banks have ditched their traditional caution in attempting to stimulate economies during the COVID-19 pandemic, and an ongoing evolution in thinking about monetary policy helps explain why.

The Reserve Bank of Australia has chosen to keep interest rates unchanged today at 0.25 per cent, despite news of over 1 million job losses nationwide and a 48.5 per cent drop in car sales.

About one in five Western Australians in the hospitality and recreation sectors lost their jobs in a three-week period, new Australian Bureau of Statistics data suggests, while the RBA has flagged an economic recovery could begin in the September quarter with GDP growth accelerating to 7 per cent next year.

The Reserve Bank of Australia has left the cash rate at 0.25 per cent and reaffirmed a 25 basis-point yield target on three-year Australian government bonds.

The Australian share market has rallied as coronavirus-fuelled volatility continues, even as the Reserve Bank released minutes showing members were worried about the likelihood of a recession.

Free to read: WA will be relying on strong export industries to keep its economy afloat, with domestic industries employing a total of 250,000 Western Australians having closed or severely reduced operations due to COVID-19.

Businesses and non profits suffering big falls in turnover will receive subsidies of up to $1,500 per worker per fortnight under the federal government's new Jobkeeper program, with up to 6 million people to be supported.

Two new facilities to support lending worth a combined $105 billion are key elements of the Reserve Bank and federal government's plans to support the economy in response to COVID-19, while the RBA cut rates to 0.25 per cent and promised an unprecedented target on government bond yields.

Investors in a buying mood have pushed the stock market up as they jump on banks stocks ahead of an expected Reserve Bank stimulus move.