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Written by Matt Kirk Published: May 6 2020 Investments
At today’s (7th April 2020) meeting, the Reserve Bank of Australia’s board has decided to maintain the cash rate steady at 0.25%.
“As Australia deals with the coronavirus, the Board is committed to doing what it can to support jobs, incomes and businesses. The comprehensive policy package announced last month will also support the expected recovery. The Board will not increase the cash rate target until progress is being made towards full employment. Therefore it is confident that inflation will be sustainable within the 2–3 per cent target band,” the Governor commented on the RBA’s decision.
In the current period of financial uncertainty, cash is indeed king. Many investors are holding onto cash for a future that is unclear at present.
It’s a good time to review your cash holdings on the Cashwerkz platform. Investors can do this to ensure they are maximising term deposit and at call account potential returns.
For more information, refer to the Governor’s statement about the monetary policy decision, read more.
While the Reserve Bank of Australia’s board has decided to maintain the cash rate steady at 0.25%, you can find competitive rates above the RBA’s cash rate from 51 trusted banking and credit union partners in the Cashwerkz marketplace today: