Rate cuts support Australia’s economy – RBA assistant governor
RBA cuts rates to record lows in two successive months as GDP growth slows
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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