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Archives for October 2019

Reserve Bank Sets Historic Low 0.75% Cash Rate

The Reserve Bank has cut the cash rate by 25 basis points to a historic low of 0.75%.

The decision was announced by the Governor of the bank, Philip Lowe, at 2.30pm today.

The cash rate was last changed three months ago, in July, when it was reduced from 1.25% to 1.00%. In June, it had been reduced to 1.25%. The rate had been held at 1.50% since August 2016.

Statement by Philip Lowe, Governor of the Reserve Bank of Australia.

Statement by Philip Lowe, Governor: Monetary Policy Decision

At its meeting today, the Board decided to lower the cash rate by 25 basis points to 0.75 per cent.

While the outlook for the global economy remains reasonable, the risks are tilted to the downside. The US–China trade and technology disputes are affecting international trade flows and investment as businesses scale back spending plans because of the increased uncertainty. At the same time, in most advanced economies, unemployment rates are low and wages growth has picked up, although inflation remains low. In China, the authorities have taken further steps to support the economy, while continuing to address risks in the financial system. [Read more…]