Financial news – RBA Cuts Interest Rate To Record Low
The Reserve Bank of Australia (RBA) today cut interest rates to an all time low of 2.75%. It’s decision to cut rates was based on recent economic data that shows moderate economy moving forward which the RBA has viewed as in need of further stimulus. Economists have been unsure about the reserve banks next move.
As a result of the recent drop in interest rates, the Australian dollar has weakened slightly but at the moment is still above USD$1.00.