Australia's central bank kept rates at record lows on Tuesday and said it would do 'whatever is necessary' to achieve its target of 0.25% for three-year government bond yields as it predicted a 'very large' economic contraction next quarter.
SYDNEY - Australia’s central bank kept rates at record lows on Tuesday and said it would do “whatever is necessary” to achieve its target of 0.25% for three-year government bond yields as it predicted a “very large” economic contraction next quarter.
On Tuesday, the board affirmed all the elements of that package and said it would not raise interest rates until it makes progress in achieving its employment and inflation goals. “A very large economic contraction is, however, expected to be recorded in the June quarter and the unemployment rate is expected to increase to its highest level for many years.”
Another survey from ANZ and Roy Morgan also out on Tuesday showed consumer sentiment bounced last week after two months of drastic falls, as a government “JobKeeper” plan to subsidise some workers lightened the mood just a little. FILE PHOTO: Workers walk on the streets of Sydney, Australia, September 4, 2017, as Australian Bureau of Statistics figures released on Monday showed Australian companies doled out the biggest increase in wages and salaries in two years last quarter. REUTERS/Steven Saphore/File Photo
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