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RBA cut official cash rate to 4.25%
The Reserve Bank of Australia has dropped the official cash rate by 100 basis points, to 4.25 per cent, following today's monthly board meeting. This is the lowest the cash rate has been in six and a half years.
Today's announcement was the fourth month in a row the RBA has cut interest rates in a bid to try and help the impact of slower world economic growth on an already soft Australian economy.
Most economic advisers were expecting a 0.75 basis point cut, so this full 100 basis point was even more than what the market was expecting.
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