Earlier today, the Reserve Bank of Australia (RBA) cut its official cash rate by 0.25% to 1.75%, the lowest level on record.
The chart below tells the story.
It extends the RBA’s easing cycle from November 2011 to 11 rate cuts, second only in number to that seen in the early 1990s.
On current trend, the days of 18% interest rates, or higher, appear destined to be only seen again in the history books.
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