• Skip to main content
  • Skip to footer

Abbotts

  • Home
  • About Us
    • Abbotts History
    • Our People
      • Directors
        • Andre Parker
        • Bez Esquivel
        • Bradley Abbott
        • Briony Knott
        • Christopher Higham
        • David Drake
        • Eric Ballard
      • Associates
        • Melissa Hansen
        • Stephen Hollyock
      • Client Managers
        • David Chang
        • Elliot Moses
        • Gabrielle Zonato
        • Vishen Bisnath
      • Finance Brokers
        • Bez Esquivel
      • Financial Advisers
        • Andre Parker
        • Amanda Kirkpatrick
        • Briony Knott
        • Fiona Chua
        • John Donald
        • Michelle Baker
      • Accountants/Bookkeepers
        • Angeline Camaya
        • Lewis Grant
        • Debbie Byrnes
      • Administration
        • Anne Abbott
        • Jaymee Sunder
        • Kevin Thomson
    • Careers
    • Our Philosophy
    • Social Responsibility
    • Testimonials
    • Our Clients
  • Services
    • Taxation Services
      • Taxation Compliance
      • Strategic Planning
      • Capital Gains Tax (CGT)
      • Fringe Benefits Tax (FBT)
      • Goods & Services Tax (GST)
      • Business Structures
      • Research and Development
      • Foreign Taxes
      • Tax Deductions
      • Tax Audit
    • Business Services
      • Commence a Business
      • Run a Business
      • Succession Planning
      • Advisory Services
      • Systems Integration and Support
      • Corporate Secretarial
      • HR and Payroll
    • Finance Broking
      • Loan and Borrowings
      • Venture Funding
      • Debt Management
    • Wealth Management
      • Establish Your Wealth
      • Execute Your Strategy
      • Maintain Your Strategy
      • Strategies and Structures
    • Superannuation
    • Bookkeeping
      • MYOB Bookkeeping
      • MYOB Setup and Training
      • Xero Bookkeeping
      • Systems Integration and Support
      • HR and Payroll
  • Industries
    • Farming and Agribusiness
    • Supermarkets
    • Medical
    • Construction
    • Pharmacy
  • Insights & News
  • Client Portal
    • Make a Payment
    • myprosperity
    • MYOB Document Portal
    • Resources
  • COVID-19 Hub
  • Contact Us
You are here: Home / Finance / RBA Interest Rate Decision September 2020

RBA Interest Rate Decision September 2020

September 2, 2020 By Eunice Lau

RBA keeps cash rate on hold.

In a statement accompanying the decision, RBA Governor Philip Lowe said –

At its meeting today, the Board decided to maintain the targets for the cash rate and the yield on 3-year Australian Government bonds of 25 basis points. It also decided to increase the size of the Term Funding Facility and make the facility available for longer.

The Term Funding Facility and the other elements of the Bank’s mid-March package are helping to support the Australian economy. There is a very high level of liquidity in the Australian financial system and borrowing rates are at historical lows.

Globally, an uneven economic recovery is under way after a very severe contraction in the first half of 2020. The future path of that recovery is highly dependent on containment of the virus. High or rising infection rates have seen a recent loss of growth momentum in some economies.

In Australia, the economy is going through a very difficult period and is experiencing the biggest contraction since the 1930s. As difficult as this is, the downturn is not as severe as earlier expected and a recovery is now under way in most of Australia. This recovery is, however, likely to be both uneven and bumpy, with the coronavirus outbreak in Victoria having a major effect on the Victorian economy.

The Board is committed to do what it can to support jobs, incomes and businesses in Australia. Its actions, including today’s extension of the Term Funding Facility, are keeping funding costs low and assisting with the supply of credit to households and businesses. The Board will maintain highly accommodative settings as long as is required and continues to consider how further monetary measures could support the recovery. It will not increase the cash rate target until progress is being made towards full employment and it is confident that inflation will be sustainably within the 2–3 per cent target band.

Contact Us

If you have any questions about the information above please contact the team at Abbotts, we will be happy to assist you. You can find details to get in touch with us on our contact us page.

Filed Under: Finance Tagged With: interest rate, RBA

Eunice Lau

Footer

Connect with Abbotts Group

+61 8 9321 2642

+61 8 9322 1385

recep@abbotts.net.au

PO Box 414, West Perth WA 6872

813 Wellington Street, West Perth WA 6005

Abbotts

Disclaimer | Terms of Use | Privacy
Liability limited by a scheme approved under Professional Standards Legislation.
Abbotts Wealth Management Pty Ltd (AFSL 303138)
Abbotts Finance Brokers Pty Ltd (ACL 467436)

Our Services

Taxation Services
Business Services
Finance Broking
Wealth Management
Superannuation
Bookkeeping

Copyright © 2022 · Gallery Pro on Genesis Framework · WordPress · Log in