The coronavirus outbreak has evolved from shadowy threat to full-blown disaster, and governments and central banks around the world are scrambling to contain the fallout.
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All in this week’s banking recap.
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Amid fears the coronavirus outbreak will hasten a recession, the Reserve Bank will meet ahead of schedule tomorrow, with analysts expecting interest rates to drop to a fresh low of 0.25%.
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As the impact of the coronavirus outbreak comes into sharp focus, central bankers around the world are taking emergency action.
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All in this week’s banking recap.
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All in this week’s banking recap.
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As fears surrounding the coronavirus outbreak take a devastating toll on global share markets, it’s becoming increasingly likely that the Reserve Bank will cut official interest rates in its March meeting tomorrow.
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The Reserve Bank’s next meeting is less than a week away, and the board will have a lot to mull over. In particular, the latest round of jobs data must have RBA Governor Philip Lowe reeling. After dropping to 5.1% in December, seasonally-adjusted unemployment shot back up to 5.3% in January.
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After 30 months of inactivity, the RBA decided to cut the cash rate three times last year, and is poised to pull the trigger again in 2020. But just how low will official interest rates go? Back in 2012, the cash rate was 4.25%, and the average savings account would have given you around 3.94% p.a. in interest. That’s a far cry from today’s rates. Right now, the cash rate sits at 0.75%, and the average savings rate is a paltry 0.97% p.a.
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