Australia’s Reserve Bank Cuts Rate to Historic Low Citing Virus Impacts

Australia's new Reserve Bank of Australia Governor Philip Lowe speaks at a parliamentary economics committee meeting in Sydney, Australia, on Sept. 22, 2016. Reuters/Jason Reed/File Photo

The Reserve Bank of Australia has cut the cash rate to a new record low 0.5 percent in a bid to soften any economic impacts of the coronavirus.

Pricing for the 25 basis point rate cut advanced after much speculation on Tuesday following a torrid weekend for a coronavirus-rattled economy and expectations of cuts by central banks around the world.