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Reserve Bank cuts interest rates to record low of 0.1 per cent during COVID-19 recession – ABC News

The Reserve Bank of Australia cuts interest rates to a record low and says the rate is not expected to increase for another three years as the country navigates…

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The Reserve Bank has cut interest rates to a record low of 0.1 per cent as the bank’s governor confirmed Australia was not out of recession.
Key points:

  • The official cash rate is expected to remain at 0.1 per cent until 2024
  • Reserve Bank Governor Philip Lowe says the unemployment rate is likely to peak at 8 per cent and drop to 6 per cent by the end of 2022
  • Dr Lowe said the cash rate was very unlikely to drop below zero because it would not help stimulate spending

The cut to 0.1 per cent is down from…

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