RBA cuts rates to new record lows
The Reserve Bank has cut the cash rate by 0.25 per cent to its lowest level in more than half a century – 2.75 per cent.
The current easing cycle has seen 2.00 percentage points of cuts in total since November 2011. The cash is below the emergency settings during the global financial crisis and is now at the lowest point since the RBA began setting rates in 1990.
"The RBA appears to have simply grown weary of a high Australian dollar, while becoming more comfortable about the … pace of domestic inflation given the improving productivity trend," UBS economists Scott Haslem and George Tharenou said.
Source: The Age