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Australia cuts interest rate again since 2020
(MENAFN) The Reserve bank of Australia decreased its policy interest rate by 25 basis points to 4.1 percent on Tuesday, making the first rate cut since November 2020.
The bank started to rise the ratio in May 2020 from 0.1 percent to 4.35 percent progressively until November 2023, and also maintained the ratio for the concluding nine meetings.
the bank stated, "Inflation has fallen substantially since the peak in 2022, as higher interest rates have been working to bring aggregate demand and supply closer towards balance."
"However, upside risks remain. Some recent labour market data have been unexpectedly strong, suggesting that the labour market may be somewhat tighter than previously thought," it explained furthermore.
The bank highlighted that there are obvious doubts regarding the approach for home-economic practices as well as inflation.
The bank started to rise the ratio in May 2020 from 0.1 percent to 4.35 percent progressively until November 2023, and also maintained the ratio for the concluding nine meetings.
the bank stated, "Inflation has fallen substantially since the peak in 2022, as higher interest rates have been working to bring aggregate demand and supply closer towards balance."
"However, upside risks remain. Some recent labour market data have been unexpectedly strong, suggesting that the labour market may be somewhat tighter than previously thought," it explained furthermore.
The bank highlighted that there are obvious doubts regarding the approach for home-economic practices as well as inflation.
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