Rate cuts support Australia’s economy – RBA assistant governor
The Reserve Bank of Australia’s unprecedentedly low policy rates are supporting the economy, assistant governor Christopher Kent said in a speech today (August 13).
In July, the central bank reduced its cash rate by 25 basis points to a record low of 1% – the second successive month in which it cut rates to a new low. The RBA had not made two consecutive cuts since 2012.
Official data show Australia’s year-on-year GDP growth fell to 1.8% in March this year – its lowest rate since the height of
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