The Board of the Reserve Bank of Australia (RBA) today (December 4), voted to cut benchmark interest rates 25 basis points to 3%, the lowest level since September 2009, when Australia was just emerging from the global financial crisis.
Glenn Stevens, governor of the RBA, identified a number of reasons for the decision. "There are signs of easier conditions starting to have some of the expected effects, though the exchange rate remains higher than might have been expected," he said.
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