MarketDeal24.Com – The central bank of Australia is expected to keep the nation’s benchmark interest rate untouched in the coming month of March. Signaling that the ‘Coronavirus’ epidemic may harm its economy.
A number of economists who participated in a survey are also of the opinion that the Reserve Bank of Australia (RBA) will cut the interest rate twice again by the end of 2020.
Australia’s A$2 trillion ($1.3 trillion) economy is in its 29th year of recession-free expansion, the longest boom among the developed countries.
But economic woes have increased as the country suffered one of its worst bushfire seasons on record this summer and is now facing the blow to its important tourism and education sectors from the coronavirus.
RBA Governor Philip Lowe, on the other hand, is still hopeful for the economy to keep growing and adding jobs which would eventually help lower the unemployment rate and lift inflation.