The Reserve Bank of Australia cut interest rates to a record low of 1%
The central bank also cut interest rates by 25 points last month, when the rate cut was the first rate cut since 2012.
The market has already predicted today’s interest rate cuts, and it has been estimated that about 80% of interest rate cuts are possible.
Last month, central bank governor Philip Lowe said that a rate cut could not achieve the goal of reducing unemployment.
The central bank recently said that they regard the unemployment rate of around 4.5% as full employment.
The unemployment rate has steadily increased in recent months, from 4.9% at the beginning of the year to 5.2% in May, while GDP growth has fallen to less than 2%, which is the weakest performance after the financial crisis 10 years ago.
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