As I started chatting about in my last post about interest rates, the RBA, as written about in a News Corp article, have appeared to be sitting 'on their hands for almost 18 months' and this is true in that there haven't been a rate move in this time, however the RBA is tasked with monitoring our economy and using the official cash rate as a tool to equalise when things are moving too fast or too slowly.
There was no meeting for January but the February result was again to hold.
The statement by the RBA Governor Philip Lowe said that 'taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time'. (release here)
A few days after the announcement, an article in the Financial Review said that the RBA Governer said that 'this week's global financial market turmoil hasn't shaken his optimism that Australia's economy will rebound this year but insists it's still too soon to begin hiking official interest rates.' (article here)
It's certainly interesting times, especially as the Royal Commission gets deeper into their brief.
As always, I'm here to help 'look after YOUR big picture.
The RBA meets tomorrow for March so we'll hear what they announce after 2pm.