Australia’s central bank to keep three-year yields low

Slow growth: A man walks past the Reserve Bank of Australia in Sydney. It has emphasised that its targets for employment and inflation were not likely to be met until 2024 at the earliest. ─ AFP

SYDNEY: Australia’s central bank has re-committed to keeping interest rates at historic lows as policymakers battle to stop surging bond yields from disrupting the country’s surprisingly strong economic recovery.

Concluding its March Board meeting, the Reserve Bank of Australia (RBA) kept rates at 0.1% and emphasised that its targets for employment and inflation were not likely to be met until 2024 at the earliest.