RBA cuts interest rates to a new record low
Interest rates have been cut to a new historic low and are not likely to be increased for at least three years, after the Reserve Bank of Australia acting in line with economists' predictions and slashing the official cash rate to 0.1 per cent.
Rates will remain and historically-low levels for the short to medium-term to help support Australia's COVID recovery. Photo: Shutterstock (Image source: Shutterstock.com)
Interest rates have been cut to a new historic low and are not likely to be increased for at least three years, after the Reserve Bank of Australia acting in line with economists' predictions and slashing the official cash rate to 0.1 per cent.
RBA governor Philip Lowe said the new record-low rate would help support job creation and the recovery of the Australian economy from the pandemic.
Dr Lowe said while Australia’s economic recovery was un…
