RTTNews reports that the Reserve Bank of Australia left its key interest rate and the yield target for government bonds unchanged. The policy board decided to leave its cash rate unchanged at a record low of 0.10 percent. The board maintained the target of 10 basis points for the April 2024 Australian Government bond.

The board also decided to continue to purchase government securities at the rate of A$5 billion a week until early September and then A$4 billion a week until at least mid November.

The bank reiterated that it will not increase the cash rate until actual inflation is sustainably within the 2 to 3 percent target range. The central scenario for the economy is that this condition will not be met before 2024.