Australian Interest Rates have hit a new low of 0.75%. This is the third cut the Reserve Bank has made since June.
The Reserve Bank of Australia took the decision to lower interest rates to further support employment and income growth. RBA said words to the effect of “it is reasonable to expect to reach full employment and achieve the inflation target that an extended period of low-interest rates will be required in Australia. Further cuts may occur if required to support sustainable growth in the economy as well as full employment and this will be continually monitored by the RBA Board”.