Australia's central bank maintained its interest rate and the target yield on three-year government bonds as it expects the economy to register a "very large" contraction in the second quarter due to the disruption caused by the coronavirus, or Covid-19, pandemic.
At the monetary policy meeting on Tuesday, the Reserve Bank of Australia board kept its interest rate at a record low 0.25 percent and the targeted yield on three-year government bonds at around 0.25 percent.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.