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Showing posts with the label Australia.

News | Business | Central Banks | Autralia: Australia's central bank keeps rate steady, signals easing ahead

  2-3 minutes - Source: CNBC A pedestrian wearing a face mask walks past the Reserve Bank of Australia (RBA) building, during a partial lockdown imposed due to the coronavirus, in Sydney, Australia, on Monday, May 18, 2020. David Gray | Bloomberg | Getty Images Australia’s central bank left its cash rate at a record low on Tuesday but hinted at further monetary easing to bolster the coronavirus-hit economy, which is suffering its worst contraction since the Great Depression. The Reserve Bank of Australia (RBA) kept the rate unchanged at 0.25%, as widely expected in a Reuters poll, and at the level it has stood since an emergency cut in mid-March. “The Board views addressing the high rate of unemployment as an important national priority,” RBA Governor Philip Lowe said in a statement announcing the outcome of the policy meeting. “The Board continues to consider how additional monetary easing could support jobs as the economy opens up further.” The go

News | Business | Australia: Australia set for first recession in three decades

3-4 minutos - Source: BBC Image copyright Getty Images Australia is set for its first recession in 29 years as the country feels the impact of the virus pandemic. Official figures show that the economy shrank by 0.3% in the first three months of the year, amid bushfires and the early stages of the outbreak. Economists expect data for the current quarter to confirm that the shutdowns have pushed the country into recession. It comes even after the government and central bank stepped up measures to support the economy. The latest gross domestic product (GDP) figures highlight that the economy was struggling from a devastating bushfire season, a slowdown in tourism and weak domestic demand even before the virus-related restrictions started. "This was the slow