RBA today cut the rate at its record low of 0.75% at its board meeting for October 2019.

Australia’s central bank has cut the official cash rate by 0.25% to a new record low of 0.75%. The RBA’s cut marked the third reduction in the cash rate in five months. In a statement, Lowe explained that although the “outlook for the global economy remains reasonable, the risks are tilted to the downside”, with the US–China trade dispute affecting global trade and businesses scaling back their investment. With the unemployment rate rising from 5.0% at the start of the year to 5.3% in August and an inflation rate of 1.6%, many experts still expects the rates to fall to at least as low as 0.5% to further stimulate the economy after two successive cuts in June and July.