SYDNEY: The Reserve Bank of Australia has lowered its key interest rate to 3.6 percent, marking the lowest level in over two years.
The 25-basis-point reduction comes as inflation shows steady improvement but global economic risks persist.
“Uncertainty in the world economy remains elevated,“ the bank’s monetary policy board stated.
The board noted some progress in understanding US trade policies but warned of lingering risks.
“More extreme outcomes are likely to be avoided,“ the statement added regarding global trade tensions.
Trade policy shifts could still negatively impact worldwide economic growth, according to the bank.
Treasurer Jim Chalmers emphasised resilience as Australia’s best defence against global volatility.
“A more productive economy, a stronger budget, and more resilience” are crucial, Chalmers said.
Despite easing inflation, many Australians still struggle with high living costs, including food and housing.
The latest rate cut follows a peak inflation rate of 7.8 percent in late 2022. - AFP
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