The Reserve Bank of Australia finally lowered interest rates today by an additional .25%. After several months delay and much consternation amongst Economists and Property Owners, the Bank has now acted as both inflation and economic activity are both clearly dropping.
In the press release the Bank commented as follows:
Inflation has fallen substantially since the peak in 2022, as higher interest rates have been working to bring aggregate demand and potential supply closer towards balance. In the June quarter, trimmed mean inflation over the year fell to 2.7 per cent, broadly as expected in May. Headline inflation, which has partly been affected by temporary cost of living relief measures, was 2.1 per cent, also as forecast. Updated staff forecasts for the August meeting suggest that underlying inflation will continue to moderate to around the midpoint of the 2–3 per cent range, with the cash rate assumed to follow a gradual easing path.
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