RBA decreases cash rate to 2.50% Talk to us Phone us Email us Breadcrumbs UniBank About Us Member news & media 2013 RBA decreases cash rate to 2.50% 06 August 2013 06 August 2013 RBA decreases cash rate to 2.50% At today’s meeting, the Reserve Bank of Australia has decided to decrease the cash rate by 25 basis points to 2.50% The following is an excerpt from the media release by Glenn Stevens, RBA Governor. “At its meeting today, the Board decided to lower the cash rate by 25 basis points to 2.5 per cent, effective 7 August 2013. Recent information is consistent with global growth running a bit below average this year, with reasonable prospects of a pick-up next year. Commodity prices have declined but, overall, remain at high levels by historical standards. Inflation has moderated over recent months in a number of countries. … In Australia, the economy has been growing a bit below trend over the past year. This is expected to continue in the near term as the economy adjusts to lower levels of mining investment. The unemployment rate has edged higher. Recent data confirm that inflation has been consistent with the medium-term target. With growth in labour costs moderating, this is expected to remain the case over the next one to two years, even with the effects of the recent depreciation of the exchange rate. … The Board will continue to assess the outlook and adjust policy as needed to foster sustainable growth in demand and inflation outcomes consistent with the inflation target over time.”
