Another Interest Rate Cut – The RBA cuts cash rate to 3%
The Reserve Bank of Australia (RBA) announced another interest rate cut today to bring the official cash rate to 3%. This is the lowest it has been since the global financial crisis.
During the final meeting for 2012, the RBA’s board made the decision to reduce the cash rate by 25 basis points in an attempt to stimulate economic activity outside the mining sector as the resource boom is expected to reach its peak in 2013.
The last time the cash rate was this low was in April 2009.