The Reserve Bank of Australia (RBA) has cut its official interest rate by 0.25% to a new record low of 1.25%.
The RBA has been under mounting pressure to stimulate a clearly faltering domestic economy, with retail sales figures out this morning showing consumers had cut back their spending.
While it had been loathe to cut rates in previous months for fear of further increasing household debt, the RBA felt it had to move given inflation has been marooned under its 2-to-3% target band for the best part of three years and unemployment is starting to rise.
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