SYDNEY, Feb. 18 (Xinhua) -- Australia's central bank Tuesday cut interest rates by 25 basis points, bringing its official cash rate to 4.1 percent, in its first rate cut since November 2020.
The board of the Reserve Bank of Australia (RBA) decided to lower the cash rate target to 4.1 percent and the interest rate paid on Exchange Settlement balances to 4 percent, it said in a statement.
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 board said.
There are notable uncertainties about the outlook for domestic economic activity and inflation, it said, adding that uncertainty about the outlook abroad also remains significant. ■
