Today the Reserve Bank of Australia reduced the cash rate interest rate by 25 basis points to 1.75%.
The slashed interest rate has taken the figure down to historic lows. Governor of the Reserve Bank of Australia, Glenn Stevens says that this “follows from information showing inflationary pressures are lower than expected.”
Read Mr Stevens media release on from Tuesday, 3 May 2016 here.
Find out what the Reserve Bank’s Cash Rate is, its purpose and how it is calculated here.