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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.
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.
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