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June 2, 2009

Australia keeps rates at 3%

by Richard Kilner

Story link: Australia keeps rates at 3%

The Board of the Reserve Bank of Australia has elected to leave its cash rate unchanged at 3%.

In a statement the Reserve Bank indicated that following the steep decline in the last two quarters the global economic situation is showing signs of steadying.

However, the Bank cautioned that the most rapid recoveries would occur in countries such as China and emerging economies, with established Western economies taking longer to bounce back.

Australia’s interest rates have stood at 3% since April, when they were reduced by 25 basis points from 3.25% to the present level.

Although quite low, Australia’s rates are substantially higher than those in much of the rest of the world.

The Bank of England’s rates are at an all-time low of 0.5%, and the eurozone rate is at 1%.

 

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