The Reserve Bank of Australia on Tuesday lowered the key interest rate for the first time in over four years...
Economists were expecting such a decision due to the low level of inflation and slow economic growth. Currently, the interest rate is 1%.
"Inflation remains below target, the unemployment rate is rising, and wages are increasing slowly. Considering these factors, the Council decided to support the economy by lowering the interest rate," said the chairman of the Reserve Bank of Australia.
Economists believe that this rate cut will help stimulate economic growth and provide a boost for increasing household incomes.
