RBA announces further rate cuts to 1.00%
Posted on 02 July 2019
The RBA has cut the official cash rate by 0.25% to 1% at its July meeting. This follows a statement by Governor Phillip Lowe last month after the initial rate drop, saying it is “not unreasonable to expect a lower cash rate”.
Business investment is being targeted in the hopes that unemployment rates will lower to support wage growth and household spending.
The RBA is expected to pause to see if the cuts gain any traction before rates are lowered again, with predictions that the number could be as low as 0.5% by the end of 2021.