Synopsis
The S&P/ASX 200 index ended 1.1 per cent higher at 6,840.5 and posted a weekly gain of 3.5 per cent, marking its best weekly jump since Nov. 6.
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New Zealand s benchmark S&P/NZX 50 index rose 0.48 per cent to 13,053.87, with seafood company Sanford gaining most.
Australian shares ended higher on Friday, posting their best weekly jump in more than three months, led by gains in financials after the Reserve Bank of Australia reiterated extending a supportive monetary policy for as long as needed. The S&P/ASX 200 index ended 1.1 per cent higher at 6,840.5 and posted a weekly gain of 3.5 per cent, marking its best weekly jump since Nov. 6.
Reserve Bank of Australia governor Philip Lowe has backed the government’s decision to let JobKeeper expire in March despite potential “job shedding” once the wage subsidy is withdrawn.
RBA board wants to see inflation within 2%-3% target range RBA forecasts imply inflation may undershoot target for several years RBA watching for signs of fall in lending standards amid house price surge
SYDNEY, Feb 3 (Reuters) - Australia will need to maintain “very significant monetary support” for several years, with the cash rate set to stay near zero for “as long as is necessary” in the wake of the COVID-19 pandemic, the country’s top central banker said on Wednesday.
The Reserve Bank of Australia (RBA) held its cash rate at a record low 0.1% at its first policy meeting of the year on Tuesday and surprised the market by extending its bond buying programme by another A$100 billion ($76 billion).