RBA holds steady, banks moving independently on interest rates
Official interest rates remain on hold at record lows, but banks are starting to move independently of the Reserve Bank of Australia by slashing savings account rates as a turning point for housing finance looms at the end of the month.
The RBA has held steady, but banks are moving independently on interest rates. Photo: Shutterstock (Image source: Shutterstock.com)
Official interest rates remain on hold at record lows, but banks are starting to move independently of the Reserve Bank of Australia by slashing savings account rates as a turning point for housing finance looms at the end of the month.
RBA governor Philip Lowe had no surprises in keeping the official cash rate at 0.25 per cent, saying that the COVID-19 induced downturn had not been as severe as expected, and that Australia’s economic recovery …
