Cash rate should stay at historic low: RBA Shadow Board

The extraordinary events surrounding the COVID-19 pandemic are certain to push Australia into recession for the first time in 28 years, according to the RBA Shadow Board, based at The Australian National University (ANU). The Shadow Board is 94 per cent confident that keeping the cash rate on hold is the right policy. The Board's conviction that a rate cut is needed is 6 per cent, while its confidence in a rate hike is 0 per cent.  "Many standard economic indicators are not a good guide in a fast moving crisis," said Shadow Board member Dr Timo Henckel.
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