RBA minutes show rate cut decision made in spite of home loans growth


The Reserve Bank of Australia (RBA) has released the minutes of its May meeting, which saw it reduce its headline cash interest rate to its lowest ever level, 2.75%.

The minutes reveal that the RBA board decided to use "some of the scope" that it believes it has to ease policy, given the steady inflation outlook and "below average" business conditions, which it blamed at least in part on the strong Australian dollar.

Nevertheless, the board judged that the effects of earlier interest rate cuts

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