Breaking: Interest rates slashed to record low 1 per cent
"Taken together, these labour market outcomes suggest that the Australian economy can sustain lower rates of unemployment and underemployment."tentative signs that house prices in Sydney and Melbourne had stabilisedBut he gave no signs that this was the last cut by the RBA in this current cycle.
The Australian dollar dipped from 69.79 US cents to 69.70 US cents following the announcement before climbing back to 69.81 US cents by 1435 AEST. KPMG chief economist Brendan Rynne said the move to 1 per cent put pressure on the Morrison government to"The RBA is sending a signal to the market, to politicians and to the community at large, that the Australian economy is not firing on all cylinders, and as one of the guardians of national welfare, the RBA is looking to help out where it can," he said.
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