MELBOURNE, Australia (AP) — Australia’s central bank on Tuesday reduced its benchmark interest rate by a quarter percentage point for a third time this year to 3.6%, with inflation tamed and economic growth stalling.
The Reserve Bank of Australia reduced its cash rate from 3.85%. The rate was cut from 4.1% in May. The reduction from 4.35% at its February board meeting was Australia’s first rate cut since October 2020.
The new rate is the lowest since March 2023 and the cut was widely anticipated as inflation continues to fall.
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