RBA cuts cash rate to record low

Reserve Bank of Australia cuts interest rates to 2.5 per cent, in line with analyst expectations.

The Reserve Bank of Australia has cut the official cash rate to a record low at its August board meeting, after noting the effects of a depreciating dollar and recent increases in the unemployment rate.

The bank cut the rate by 25 basis points to 2.5%, in line with analyst expectations.

All but one of the 13 economists surveyed by AAP expected the RBA to cut the cash rate by a quarter of a percentage point, from the already record low of 2.75%.

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