Economics
Australia Extends QE Program to Stay Inline With Global Peers
- RBA doesn’t see conditions for rate rise til 2024 at earliest
- Central bank sees economy expanding by 3.5% in 2021 and 2022
Philip Lowe
Photographer: Mark Graham/BloombergThis article is for subscribers only.
Australia’s central bank will extend its quantitative easing program by a further A$100 billion ($76.2 billion) and doesn’t expect to increase interest rates until 2024, following in the footsteps of global peers in moving to stamp out premature tapering speculation.
Governor Philip Lowe left the key rate and three-year yield target at 0.10%, the Reserve Bank said in a statement Tuesday. In addition to the QE program now extended beyond mid-April, the RBA also operates a bank lending facility.