Australia's central bank cut its cash rate to a record low 1.25% on Tuesday...
SYDNEY - Australia’s central bank cut its cash rate to a record low 1.25% on Tuesday in what could be the first in a series of stimulus measures amid growing calls for policymakers to revive the country’s slowing economy.
“The Board took this decision to support employment growth and provide greater confidence that inflation will be consistent with the medium-term target,” RBA Governor Philip Lowe said in a brief statement. Australia’s rate cut is the latest in a swing by central banks around the world toward looser monetary policies as the intensifying Sino-U.S. trade war threatens global economic prospects.
However, Lowe said monetary policy alone will not be enough to boost economic momentum as households were already up to their eyeballs in debt, putting the onus on Prime Minister Scott Morrison to slash income tax and boost spending.
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