The RBA has today cut interest rates by another 100 basis points in desperate bid to stimulate an economy hurtling towards recession. The official cash rate as of tomorrow will be 4.25%. While the sheer depth of previous cuts came as a surprise to the markets, the market had priced in today’s 100 basis point cut with 100% certainly.
Today’s cut follows a 75 basis point cut in November and a 100 basis point cut in October.