Australian Central Bank lowered the rate to a record low of 1%

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At the end of the July meeting, the Reserve Bank of Australia lowered its key interest rate to a record low of 1%. A month earlier, the Australian regulator decided to lower the rate for the first time in 3 years. Then it was reduced by 0.25 percentage points to 1.25%. The rate cut should support economic growth in the country amid a weakening global economy. As the head of the Central Bank, Philip Lowe, said, the trade dispute between the United States and China, which has a negative impact on investment, creates risks for global growth. He noted that the Central Bank would monitor the situation in the Australian economy after reducing the rate twice in the last two months, and, if the need arises, the regulator will again resort to softening its policy. All necessary measures will be taken to ensure that the country is able to get closer to full employment and reach the inflation target.

 

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