SYDNEY - Australia’s central bank is all but certain to keep its cash rate at a record low of 1% next week though it will likely cut again two more times to boost inflation and support a stuttering economy, a Reuters poll showed.
The government of Prime Minister Scott Morrison has also chimed in, offering tax rebates to millions of households in a bid to spur consumer spending.All but one of 36 economists surveyed over the past week expect the RBA to hold the cash rate at its Sept. 3 monthly meeting. Barclays was the outlier, predicting a cut to 0.75%.
Cementing that view, RBA Deputy Governor Guy Debelle said on Tuesday the bank would consider unconventional monetary options if the cash rate was cut to 0.5% though he hoped such heavy policy adjustments would not be needed.“The probability of other measures next year is rising,” AMP chief economist Shane Oliver said.
I would love to visit Australia one day
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