Business
RBA holds rates at 0.25% ahead of key economic data – Sydney Morning Herald
The decision to leave rates where they’ve been since March comes ahead of the June national accounts, which economists expect to confirm Australia’s first recession since 1990-91.
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.
Dr Lowe said banks had drawn $52 billion under the existing term funding arrangement.
“Today’s change brings the total amount available under this facility to around $200 billion,” he said. “This will help keep interest rates low for borrowers and support the p…
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