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RBA cuts cash rate to new low of 1.25%

The Reserve Bank of Australia has cut the cash rate to a new record low of 1.25 per cent in a widely anticipated attempt to stimulate the economy.

It is the central bank’s first move on rates since August 2016 and follows another month of weak economic data, most notably an unexpected rise in the unemployment rate for April to 5.2 per cent.

RBA Governor Philip Lowe had indicated a rate cut was on the table ahead of Tuesday’s board meeting after resisting a cut last month amid the federal election campaign.

By: Alex Druce Source: AAP

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Loren Webb

Loren Webb

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