RBA Minutes: Australian Economy Rebounding More Quickly Than Expected

Members of the Reserve Bank of Australia's monetary policy board said that the country's economic recovery from the COVID-19 pandemic was proceeding more quickly than anticipated, minutes from the bank's April 6 meeting revealed on Tuesday.

In fact, the global economy in general was starting to pick up steam, supported by the improved rollout of COVID-19 vaccines.

That being said, wage and price pressures remain subdued and are likely to stay that way in the near term. To that end, the bank said it does not expect to hike its benchmark lending rate from the current record low of 0.10 percent until at least 2024 at the earliest. The bank also ruled out negative interest rates.

At the meeting, the bank kept its benchmark lending rate unchanged at the record low of 0.10 percent. The central bank retained the target yield on the 3-year Australian government bond at around 0.1 percent.

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