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?
Our list of industry experts in business advisory can help you prepare and understand the changed landscape. Book an appointment today.
Want to know more?
With tax season upon us, we’ve put together a number of resources for you to make the most of tax time. Don’t pay a cent more than you have to – for tax tip videos, webinar recordings and more, click here.
Below are some articles that may interest you:
- Reduced Tax Rate for SMEs from 1 July 2020
- EOFY Tax Tips for Businesses
- How to Minimise EOFY Stress
- Want to Boost Your Tax Return?
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.
IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.