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Horrific bushfire season to force interest rates to record low

4Mo ago 0 Replies 70 Views
The fallout from Australia’s worst bushfire season since Black Saturday has almost guaranteed interest rates will drop to a new historic low within weeks.

This as experts warn of a high risk of broader economic impacts off the 2019-2020 bushfire season – including mounting insurance costs, mortgage delinquencies, damage to agriculture, tourism, household spending and worker productivity from enduring air pollution.

That was expected to push the Reserve Bank board to cut its cash rate target by 0.25 percentage points to 0.5 per cent at its first 2020 monetary policy meeting – set for February 4 in Sydney.
The Insurance Council believe total insurance losses could run up a high as $700m “as many more claims are lodged over the coming weeks”.

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