Reserve Bank of Australia retains interest rate at 0.1pc and reveals economic outlook for 2021

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The central bank has revealed its latest stance on interest rates and set out its economic predictions for the coming year. 

The Reserve Bank of Australia has retained the official interest rate at current levels, flagging further assistance will be needed for the country’s economic recovery out of the coronavirus pandemic. 

In its monthly monetary policy statement released on the first Tuesday of every month, the RBA said it would keep the cash rate at 0.1 per cent while global economic output is hindered by COVID-19.

The update is the first outlook statement by the central bank for 2021, with economists predicting current stimulus measures would remain at current settings.

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