RBA November Cash Rate Drops to New Low 0.10%
T he official cash rate has dropped 15 basis points to 0.10% following the Reserve Bank of Australia (RBA) board meeting earlier today. It is the lowest the cash rate has fallen since its last historic cut to 25 basis points in March. The decision follows two months of speculation. While many economists had initially earmarked October as the most likely time for a drop, the majority later revised estimates to indicate the RBA would drop rates in November. Westpac , NAB and Commbank all predicted today’s November monetary policy decision. Recession likely over but unemployment still on radar Australia’s first recession in almost 30 years could be over, according to estimates from the RBA. During the Senate estimates hearing last week RBA Deputy Governor Guy Debelle revealed it was likely the Australian economy experienced positive growth during the September quarter. “Our best guess is it looks like the September quarter for the country recorded positive growth rather th