The Reserve Bank of Australia lowered its cash rate by 25 bps to a new record low of 0.75 percent during its September meeting, the third rate cut this year, aiming to support employment and income growth and to provide greater confidence that inflation will be consistent with the medium-term target. Policymakers also signalled the need for an extended period of low interest rates, while saying the central bank is prepared to ease monetary policy further if needed.
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