Australian central bank cuts official cash rate to 0.75%

[Sydney 1st Reuters]-The Reserve Bank of Australia (RBA, Central Bank) cut its official interest rate cash rate from 1.00% to 0.75% on the 1st.

The aim is to support the economy and promote a decline in the unemployment rate.

The rate cut was largely in line with market expectations. In the Reuters survey, 25 out of 35 economists were expecting a 25 basis point (bp) rate cut this time.

The central bank lowered its policy rate to 1% in July.