RBA interest rates decision: relief for borrowers as Reserve Bank cuts cash rate to 3.6%

Reserve Bank of Australia’s decision widely anticipated by experts – although some believe cut was overdue

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The Reserve Bank has delivered a much-anticipated rate cut, even as it warned Australians to brace for lower growth and wages in the future thanks to weaker productivity growth.

The RBA’s monetary policy board voted unanimously to drop the official cash rate target to 3.6%, from 3.85%.