December 8, 2023
The Reserve Bank of Australia has cut its cash rate 0.25% to 2.75%, the lowest rate since the 1950s.
In a statement, Governor Glenn Stevens said the RBA’s board “judged that a further decline in the cash rate was appropriate to encourage sustainable growth in the economy, consistent with achieving the inflation target.”
The Reserve Bank of Australia has cut the cash rate by 50 basis points, or 0.5%, to 3.75%.
The decision, predicted last night by former RBA Governor Bernie Fraser, takes interest rates back to where they were in December 2009.
Treasurer Wayne Swan, Shadow Treasurer Joe Hockey and Australian Chamber of Commerce and Industry Chief Executive Peter Anderson have all commented on the rates decision.