The Reserve Bank of Australia has today opted to cut the official cash rate by 25 basis points to 0.75% in an effort to get the economy moving.
The RBA’s move to cut rates today is the third time the official cash rate has been chopped in 2019 and a sign that the broader economy is struggling.
There are a number of problems in the economy that aren’t being resolved quickly using monetary policy. The big one is the rising unemployment rate and resulting weak wages growth,” she says.
“The Australian economy remains lacklustre and there was a slight lift in the unemployment rate in August to reach a 12 month high. This has led to the RBA cutting rates in October.”
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