RBA Holds at 0.25 for Fourth Consecutive Month
The Reserve Bank of Australia has announced its decision to hold the cash rate for the fourth consecutive month, at the record low of 0.25 per cent.
The decision follows concern that many businesses will fold following the end of the JobKeeper payments in September.
Many economists predicted the hold, with many also predicting no urgent rush to drop rates further as the RBA will continue to support the economy through other stimulatory measures.
AMF Capital Chief Economist Shane Oliver has predicted the RBA to hold rates for the next three years.
What’s the forecast for businesses?
As September approaches, there is growing concern for businesses who are only staying afloat due to various stimulus measures introduced in March to May this year.
This could mean many businesses who are on the verge of becoming insolvent will find themselves closing. Now more than ever, it can be an important time to think about your post-JobKeeper plan.
How can we help?
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We’re here to support you through the changes. From making the most of the stimulus initiatives, through to managing the risks associated with the impact of the Coronavirus, the Modoras team is here to help you build a resilient business. Make well-informed business decisions; contact us on 1300 888 803 to book a catch up with a Modoras professional.
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