Reserve Bank of Australia cuts cash rate to 1.5%

Tue, 02 Aug 2016

By Edwin Mitson Aug. 2 (BusinessDesk) - The Reserve Bank of Australia has cut its cash rate to 1.5 percent, a fall of 25 basis points. In a statement, governor Glenn Stevens cited low inflation rates as the reasoning behind the fall, saying "given very subdued growth in labour costs and very low-cost pressures elsewhere in the world, this is expected to remain the case for some time." He also argued that the risks of a cut to interest rates exacerbating the housing market had eased. The New Zealand dollar rose to 95.65 Australian c...

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