RBA cuts official cash rate by 25 bps to 5.50%

The Reserve Bank of Australia (RBA) announced on Mar 7, 2001 it had cut the official cash rate target to 5.50 per cent, from 5.75 per cent.

"Following a decision taken by the Board at its meeting on Mar 6, the Bank will be acting in the money market this morning to reduce the cash rate by 25 basis points to 5.50 per cent," the RBA said in a statement. "Recent data on wage costs and inflation expectations have confirmed that the outlook for inflation is now more secure."

The RBA said as discusse