The Reserve Bank of Australia has lowered interest rates in the country to the lowest level ever. The central bank lowered the most important interest rate by a quarter to 1 percent, among other things to give a boost to the cooling economy and weak inflation.

It is the second interest rate cut in the country in two months. The last time Australia lowered interest rates for two consecutive months was in 2012. Bank Governor Philip Lowe said he would keep a close eye on developments in 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.