Australia's central bank on Tuesday reduced its benchmark interest rate by a quarter percentage point for a third time this year to 3.6 per cent, with inflation tamed and economic growth stalling.
The Reserve Bank of Australia reduced its cash rate from 3.85 per cent. The rate was cut from 4.1 per cent in May. The reduction from 4.35 per cent at its February board meeting was Australia's first rate cut since October 2020.
The new rate is the lowest since March 2023 and the cut was widely anticipated as inflation continues to fall.
This report includes content sourced from Press Trust of India (PTI), edited for clarity and context.
