Today the Reserve Bank of Australia decided to lower the cash rate by 25 basis points to 2%
According to Glenn Stevens “The global economy is expanding at a moderate pace, but commodity prices have declined over the past year, in some cases sharply. These trends appear largely to reflect increased supply, including from Australia. Australia’s terms of trade are falling nonetheless.”
This quarter-point cut, the second in three months, brings interest rate to historic low.
For more information, go to http://www.rba.gov.au/media-releases/2015/mr-15-08.html