Australia sees no need to ease policy for now

SYDNEY, Aug 18 (Reuters) – Australia’s central bank does not see a need to further ease policy for now as its package of measures were working “broadly as expected” with an economic recovery underway in most of the country, minutes of its August policy meeting showed on Tuesday.

At its Aug. 4 policy meeting, the Reserve Bank of Australia (RBA) held its cash rate at a record low of 0.25% in a widely expected decision, having slashed rates in an emergency meeting in March to blunt the economic shock from the coronavirus pandemic.

“Members reaffirmed that there was no need to adjust the package of measures in Australia in the current environment,” the minutes showed. “Members agreed, however, to continue to assess the evolving situation in Australia and did not rule out adjusting the current package if circumstances warranted.”

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