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The official cash rate has fallen to 4.25 per cent after the Reserve Bank today made a further reduction of 100 basis points.
The reduction brings interest rates to the lowest level since April 2002.
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Glenn Stevens, monetary policy governor, said that while the Australian economy had “been more resilient” than other advanced economies, “recent data nonetheless indicate that a significant moderation in demand and activity has been occurring”.
Since September the cash rate has now fallen by a record 300 basis points in just four months.
The Reserve Bank will next meet to decide on interest rate movements on 3 February 2009.
