SYDNEY (Reuters) – Australia’s central bank left its cash rate at a record low on Tuesday but hinted at further monetary easing to bolster the coronavirus-hit economy, which is suffering its worst contraction since the Great Depression.
The Reserve Bank of Australia (RBA) kept the rate unchanged at 0.25%, as widely expected in a Reuters poll, and at the level it has stood since an emergency cut in mid-March.
“The Board views addressing the high rate of unemployment as an important national priority,” RBA Governor Philip Lowe said in a statement announcing the outcome of the policy meeting.
“The Board continues to consider how additional monetary easing could support jobs as the economy opens up further.”
The government is due to release its budget on