RBA cuts interest rates to record low in unexpected move
Governor says Aussie growth will be weaker for longer and the jobless rate will peak higher than earlier expected
Add BT as a preferred source
Sydney
AUSTRALIA'S central bank unexpectedly cut its benchmark interest rate to a record low on Tuesday and said the local currency remains overvalued, joining a dozen global counterparts in easing this year as commodity prices tumble.
The overnight cash rate target was lowered by 25 basis points to 2.25 per cent, Reserve Bank of Australia (RBA) governor Glenn Stevens said in a statement. Growth will be weaker for longer and the jobless rate peak higher than earlier expected, he said.
TRENDING NOW
That ‘cheap’ Malaysia condo could cost Singapore buyers far more than they think
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
Dubai ruler tightens grip on Emaar in US$6.5 billion reshuffle
Gojek founder Nadiem Makarim faces 18-year jail demand in Indonesia laptop graft trial
