The Reserve Bank of Australia’s board lowered its inflation and growth forecasts after its policy meeting today (August 6).
The RBA’s governor said the board would cut rates further if needed, as the board kept rates unchanged at the lowest-ever level of 1%. The RBA board made two consecutive 25-basis point rate cuts in June and July.
Governor Philip Lowe confirmed monetary policy will remain accommodative for “an extended period”.
“The board will continue to monitor developments in the