The Reserve Bank of Australia has lowered interest rates in the country again. The central bank lowered the main interest rate by a quarter to 0.75 percent to the lowest level ever, among other things to give boost to a cooling economy and weak inflation.
It is the third interest rate cut in the country in a relatively short time. In June the interest rate was changed to 1.25 percent for the first time since August 2016 and the step to 1 percent followed in July. Bank Governor Philip Lowe said he would keep a close eye on developments on the labor market and adjust monetary policy if the economy needs more support.
Most economists were already counting on a reduction in Australian interest rates in advance.