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At it's meeting today, the board of the Reserve Bank of Australia have announced a drop in the cash rate by 25 basis points to 1.25%, a new record low.
In a statement from Reserve Bank of Australia Governor Philip Lowe, it confirms "the Board took this decision to support employment growth and provide greater confidence that inflation will be consistent with the medium-term target".
Today's decision to lower the cash rate will help make further inroads into the spare capacity in the economy. It will assist with faster progress in reducing unemployment and achieve more assured progress towards the inflation target.
Ahead of today's announcement, treasure Josh Frydenberg pressured the big banks and major lenders to pass on the Reserve Bank rate cut in full, in light of the banking royal commission.
To view the full statement of Philip Lowe, Governor of the Reserve Bank, please click here.
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