Melton The Reserve Bank made the extraordinary decision to cut interest rates ahead of schedule, as the coronavirus outbreak threatens to derail economic activity across Australia.
“The primary response to the virus is to manage the health of the population, but other arms of policy, including monetary and fiscal policy, play an important role in reducing the economic and financial disruption resulting from the virus,” RBA Governor Philip Lowe.
“At some point, the virus will be contained and the Australian economy will recover. In the interim, a priority for the Reserve Bank is to support jobs, incomes and businesses, so that when the health crisis recedes, the country is well placed to recover strongly.” RBA Governor Philip Lowe.
