Reported about 1 month ago
The Reserve Bank of Australia announced a $2.8 billion accounting loss for the year ending June 30, 2024, marking its fourth consecutive year of losses due to the effects of pandemic-related financial interventions. The loss stems from the disparity between the bank's low earnings on acquired bonds and the higher interest paid to commercial depositors, resulting in a negative equity position of A$20.4 billion. Despite these challenges, Governor Michele Bullock reassured that the bank's operations and monetary policy functions remain unaffected as the government seeks to restore its capital.
Source: YAHOO