At its meeting on Tue 7.5.2013, the Reserve Bank Board decided to lower the official cash rate by 25 basis points from 3% to 2.75%. Reserve Bank Governor Glenn Stevens said the Board judged that a further decline in cash rate was appropriate to encourage sustainable growth in the economy, consistent with achieving the inflation target. The Board last lowered official interest rates in December 2012.
[LTN 85, 7/5/13]