RBA slashes rates to new record low

rba-night
The Reserve Bank of Australia

The Reserve Bank of Australia has cut its cash rate by 25 basis points to 1% – the second time rates have been cut to a record low in the space of a month.

In a statement today (July 2), governor Phillip Lowe announced the move, which is Australia’s first back-to-back rate cut since 2012.

Lowe said the cut was meant to “support employment growth” and “provide greater confidence” that Australia can bring inflation towards its target of 2%.

“Today’s decision to lower the cash rate will help

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