Australia Holds Rate, Asset Purchases On Severe Economic Contraction Outlook

Australia's central bank maintained its interest rate and the target yield on three-year government bonds as it expects the economy to register a "very large" contraction in the second quarter due to the disruption caused by the coronavirus, or Covid-19, pandemic. At the monetary policy meeting on Tuesday, the Reserve Bank of Australia board kept its interest rate at a record low 0.25 percent.Original Article