Interest Rate News

May 7, 2013/News

At its meeting today, the Board decided to lower the cash rate by 25 basis points to 2.75 per cent, effective 8 May 2013.

Growth in Australia was close to trend in 2012 overall, but was a bit below trend in the second half of the year, and this appears to have continued into 2013.                   Employment has continued to grow but more slowly than the  labour force, so that the rate of unemployment has increased a little, though  it remains relatively low.