RBA Cuts Cash Rate to Record Low

A woman walks past the Reserve Bank of Australia sign in Sydney on October 4, 2016. (William West/AFP via Getty Images)

The Reserve Bank of Australia has cut the cash rate to a record low 0.1 percent from 0.25 percent at its monthly board meeting on Nov 3.

In its first monetary policy easing since March, the board also agreed to similar reductions for other measures to keep market interest rates and funding costs low across the economy.

“With Australia facing a period of high unemployment, the Reserve Bank is committed to doing what it can to support the creation of jobs,” Reserve Bank governor Philip Lowe said in his post-meeting statement.

By Colin Brinsden in Canberra