(MENAFN) Following information showing inflationary pressures were lesser than forecasted; Australia's central bank has lowered the cash rate by 25 basis points to a record low of 1.75 percent, based on reports.
Specifically, the worldwide economy was continuing to advance and progress, though at a slightly slower pace than earlier projected, with estimations having been revised down a little further recently.
Additionally, sentiment in financial markets has enhanced, after a period of heightened volatility early in the year, but Australia's terms of trade stay much lower than they had been in recent years.
Estimates suggested the central bank would hold off making a cut to interest rates until the Q2 inflation print was out in July and instead take a much more dovish stance in the accompanying statement to spur inflation.
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