RBA lowers cash rate to a historic low of 1pc

The Board decided to lower the cash rate by 25 basis points at its meeting on 2 July, following a similar cut at the Board's June meeting. The back-to-back cut has lowered the cash rate at a historic low of 1.00 per cent.

Governor Philip Lowe stated that the decision to lower the cash rate will assist in reducing unemployment and achieving consistent progress towards the inflation target.

The Australian economy grew at a below-trend 1.8 per cent over the year to the March quarter.

Although employment growth remains strong, there has been little progress into the spare capacity in the recent labour market, with the unemployment rate having slightly increased to 5.2 per cent.

“Today's decision to lower the cash rate will help make further inroads into the spare capacity in the economy. The Board will continue to monitor developments in the labour market closely and adjust monetary policy if needed to support sustainable growth in the economy and the achievement of the inflation target over time.”

Article Source: https://www.rba.gov.au/media-releases/2019/mr-19-18.html

Image Source: Reuters - Jason Reed

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