The Reserve Bank of Australia (RBA) is meeting on Thursday this week (19 March) to discuss further stimulus measures to combat the economic impact of the coronavirus.
The prime minister today announced a second economic stimulus and support package, just one week after announcing $17 billion in cash payments, wage subsidies and business support.
The RBA meeting, two weeks ahead of the regular scheduled meeting, will discuss the “inevitability” of an emergency rate cut. The RBA is now expected to slash the official cash rate to 0.25 per cent this week. Futures markets have priced in a 100% certainty of a cut by April (see update below).
Share markets staged a small rally this afternoon to finish less than five per cent down in Australia for the day.