The Reserve Bank of Australia has sided with the doves and opted to cut its benchmark interest rate by a quarter point to 2.25 per cent, a new record low.
The move, from the previous 2.5 per cent, is the first rate cut from the Reserve Bank of Australia in eighteen months and makes the RBA the latest central bank to loosen monetary policy in a bid to revitalise economic growth.
The news ends weeks of fevered speculation about which way the RBA would jump with analysts and economists sharply divided. Earlier on Tuesday the swaps market gave a 58 per cent chance of a cut, but only 6 of 27 analysts polled by Bloomberg thought the RBA would lower rates.
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