MELBOURNE, Australia (AP) — Australia’s central bank on Tuesday reduced its benchmark interest rate for the first time since October 2020 as the nation’s inflation cools.
MELBOURNE, Australia — Australia’s central bank on Tuesday reduced its benchmark interest rate for the first time since October 2020 as the nation’s inflation cools.
The cut was widely anticipated after inflation rose only 0.2% in the December quarter and 2.4% for calendar 2024. Annual inflation peaked at 7.8% two years earlier.“Inflation has fallen substantially since the peak in 2022, as higher interest rates have been working to bring aggregate demand and supply closer towards balance,” the board said in a statement.
The rate shift is a welcome development for Prime Minister Anthony Albanese’s center-left Labor Party government which will seek reelection at elections due by May 17.“This is the rate relief Australians need and deserve,” Chalmers said in a statement. “It won't solve every problem in our economy or in household budgets but it will help."
The cycle began in the final days of the previous government’s tenure when the rate rose from a record low 0.1% to 0.35% on May 4, 2022.
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