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:
- The global economy slowdown that started in 2018 is nearing an end. Global growth will be higher this year relative to last year.
- Globally, interest rates are very low and further reductions are unlikely.
- Australian economy is expected to grow 2.75% this year however the bushfires and coronavirus will temporarily limit growth.
- Unemployment has reduced to around 5.10%.
- Inflation pressures still low and expected to increase to around 2% next year which is still very low.
- Property markets in all capital cities have signs of a turnaround.
- Expect extended periods of low interest rates.
More details at https://www.rba.gov.au/media-releases/2020/mr-20-01.html
If you want to have a look at our passed historical interest rates, have a look at the graph on the Historical home loan interest rates Australia page.