CANBERRA, ACT, Aug. 12 -- The Treasurer of Australia issued the following media release:
Today the independent Reserve Bank of Australia Monetary Policy Board lowered the cash rate for the third time in sixmonths.
This quarter of a percentage point cut brings the cash rate to 3.60percent, its lowest level in more than twoyears.
This is very welcome relief for millions of Australians.
This interest rate cut will make a meaningful difference to millions of mortgage holders around the country.
It will put more money in the pockets of people under pressure.
It's more real cost of living relief that recognises inflation is now much lower under Labor.
It reflects the substantial and sustained progress we've made on inflation in a volatile ...