The official cash rate has been reduced to a new record-low of 2.25 per cent after being left on hold at 2.5 per cent since August 2013.
The Reserve Bank’s decision has come as a surprise: a finder.com.au survey of 30 economists and commentators found that 28 expected the cash rate to remain unchanged.
However, a rate cut is hardly a shock given the weight of speculation that has occurred since the last board meeting on December 2.
