The Reserve Bank of Australia has announced the result of its monthly board meeting.
The official cash rate has been reduced to a new record-low of 2.25 per cent after being left on hold at 2.5 per cent since August 2013.
The Reserve Bank’s decision has come as a surprise: a finder.com.au survey of 30 economists and commentators found that 28 expected the cash rate to remain unchanged.
However, a rate cut is hardly a shock given the weight of speculation that has occurred since the last board meeting on December 2.
If you have any questions regarding these announcements, feel free to contact our Finance Team.