RBA Interest Rate Announcement February 2020

The RBA interest rate announcement today has decided to leave interest rates for the first meeting of the year.  It was a fairly upbeat announcement.

Here is the summary of what the RBA said:

1. The global economy slowdown that started in 2018 is nearing an end. Global growth will be higher this year relative to last year.
2. Globally, interest rates are very low and further reductions are unlikely.
3. Australian economy is expected to grow 2.75% this year however the bushfires and coronavirus will temporarily limit growth.
4. Unemployment has reduced to around 5.10%.
5. Inflation pressures still low and expected to increase to around 2% next year which is still very low.
6. Property markets in all capital cities have signs of a turnaround.
7. Expect extended periods of low interest rates.

More details at https://www.rba.gov.au/media-releases/2020/mr-20-01.html

For more, go back to the full interest rate announcement list here.