RBA Holds Rates Ahead of Data

The Reserve Bank of Australia (RBA) kept the cash rate at a record low of 0.25%, a widely expected decision.

The RBA first cut interest rates to their record low in March, with governor Philip Lowe saying the bank is unlikely to take rates any lower

The Australian central bank expected the economy to contract by 6% this year, which represents the largest contraction since the statistics began in 1950, and reflects the beginning of the first recession in nearly three decades.