Australia’s official interest rate will remain on hold at the historic low level of 0.10 percent

The country’s top economists of the Reserve Bank of Australia met this afternoon, deciding to hold rates steady for the month of July.

The Australian central bank slashed interest rates to 0.10 percent in November 2020 as a way of easing the potential economic pain brought on by the coronavirus pandemic.

In February 2020, Australia’s official cash rate was sitting at 0.75 percent

According to the Australian Bureau of Statistics, Australia’s economy is officially above pre-pandemic levels.

It comes as surging levels of construction and business investment lift the nation’s bottom line.

Over the past 12 months, Australia’s economic activity has recovered to be above pre-pandemic levels and has grown 1.1 percent.

The nation’s unemployment is at just 5.1 percent and job advertisements are growing.