Interest rates have today been cut by the Reserve Bank of Australia (RBA) for the first time since November 2020.
The move, which many anticipated after 13 successive increases, sees interest rates drop .25 basis points to 4.10 per cent.
“Inflation has fallen substantially since the peak in 2022, as higher interest rates have been working to bring aggregate demand and supply closer towards balance,” the RBA said.
“In the December quarter underlying inflation was 3.2 per cent, which suggests inflationary pressures are easing a little more quickly than expected.
“There has also been continued subdued growth in private demand and wage pressures have eased.
“These factors give the Board more confidence that inflation is moving sustainably towards the midpoint of the 2–3 per cent target range.”
The move was welcomed. Within minutes the Real Estate Institute of Queensland said it will improve “borrowing capacity and provide mortgage relief”.
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