Australia cuts rates to record low

reserve-bank-of-australia

The Reserve Bank of Australia has cut its policy rate by 25 basis points to 1.25%, the first rate change since 2016 and a new record low.

The RBA’s governor, Philip Lowe, announced the cut in a statement today (June 4), saying it was made to “support employment growth and provide greater confidence that inflation will be consistent with the medium-term target”.

The cut is not seen as a surprise, with many economists arguing rates should have been lowered last month. Justin Fabo, senior

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