Australia cuts rates to record low
Weak inflation and declining property market push RBA to cut rates
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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