Australia poised for rate cut as economy continues to weaken

Sydney Australia

The Reserve Bank of Australia is expected to cut its policy rate next week due to falling growth and low inflation levels.

The RBA has maintained its policy rate at 1.5% since August 2016 and policy-makers previously seemed reluctant to make changes. However, constant weak inflation and a declining property market is forcing the bank to consider a cut.

Earlier this month, the RBA downgraded its growth predictions for the second time in six months. It forecasts that the economy will grow 2.6%

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