RBA cuts cash rate at its record low of 0.50% at its board meeting for March 2020.

Australia’s central bank has cut the official cash rate by 0.25 percentage points to a record low of 0.5 per cent. “The board took this decision to support the economy as it responds to the global coronavirus outbreak.” Dr Lowe said in his address after the bank’s March board meeting. Dr Lowe said the virus is expected to delay progress towards the RBA’s target for full employment and inflation. The board did acknowledge the rapid growth in property prices and borrowing. Meanwhile, the major banks are quick to pass on the full 0.25% basis point.