Tuesday, July 6, 2021

Reserve Bank holds interest rates near zero, sticks to 2024 forecast for first rate hike

 Reserve Bank governor Philip Lowe has laid the groundwork for winding back some of its massive emergency stimulus that's been pumped into the economy since the beginning of the COVID crisis. 

But in what will be good news for highly-leveraged borrowers who've dived into the surging real estate market, the RBA says any increase in the official cash rate probably won't be until 2024.

ABC's Peter Ryan says Dr Lowe was also optimistic the economy will quickly bounce back from recent lockdowns including the current one in Sydney.




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