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RBA Lowers Official Cash Rate
At its meeting today the Board decided to lower the cash rate by 25 basis points to 7.0 per cent, effective 3 September. Inflation in Australia has been high over the past year in an environment of limited spare capacity and earlier strong growth in demand. In these circumstances, the Board has been seeking to restrain demand in order to reduce inflation over time.
Statement by Glenn Stevens, Governor Monetary Policy RBA
As a result of increases in the cash rate last year and early this year, additional rises in market interest rates and tougher credit standards, financial conditions have been quite tight. Some further tightening has occurred over the past couple of months. Conditions in international financial markets remain difficult, with heightened concerns over credit persisting.
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