RBA Holds Rate, Australian Economic Outlook Cautiously Promising

Governor of the Reserve Bank of Australia, Philip Lowe, makes a speech on March 19, 2020 in Sydney, Australia. Brendon Thorne/Getty Images

The Reserve Bank of Australia has kept the cash rate at a record low 0.25 percent at its monthly board meeting as it assesses the extent of the COVID-19-driven economic downturn.

Economists had widely expected the central bank to hold the benchmark rate at the current level.