From The Sydney Morning HeraldOriginal source
The Reserve Bank has cut the cash rate to its lowest level since the financial crisis, following a raft of weak economic data that showed pessimism in the jobs market, a slowdown in mining activity and lower-than-expected retail sales.
The RBA cut the cash rate by 25 basis points, or 0.25 percentage points, to 3 per cent, which is the lowest the rate has been since the central bank started setting rates in 1990. It matches the setting in April 2009 at the peak of the GFC.
The Reserve Bank has now lowered its key cash rate by altogether 175 basis points since it embarked on the current cutting cycle in November 2011.
The decision was mostly expected by economists, who cited the softening mining sector and the continued moderating of the Australian economy as reasons why the Reserve Bank would move to lower rates.
Read more: http://www.smh.com.au/business/banking-and-finance/rba-lowers-rates-to-emergency-levels-20121204-2aslb.html#ixzz2E3DHbWN6
No comments:
Post a Comment