Reserve Bank keeps interest rates on hold at 0.1%

What does this mean for you?

The Reserve Bank of Australia (RBA) has decided to keep interest rates on hold at 0.1%. This means that the cost of borrowing money will remain the same for the time being.

Why has the RBA kept rates on hold?

The RBA has kept rates on hold because it is concerned about the impact of the COVID-19 pandemic on the Australian economy. The pandemic has caused a sharp fall in economic activity, and the RBA is trying to support the economy by keeping interest rates low.

What does this mean for the future?

It is difficult to say what the RBA will do with interest rates in the future. The RBA will continue to monitor the economic data and make decisions based on its assessment of the outlook for the economy.

Conclusion

The RBA's decision to keep interest rates on hold is a sign that it is concerned about the impact of the COVID-19 pandemic on the Australian economy. The RBA will continue to monitor the economic data and make decisions based on its assessment of the outlook for the economy.