India, Aug. 12 -- The Reserve Bank of Australia reduced its benchmark interest rate by a quarter-point for the third time this year as underlying inflation continued to moderate, while economic growth outlook was lowered due to weaker-than-expected recovery in public demand.
The board decided to trim the cash rate target by 25 basis points to 3.60 percent. The decision was unanimous.
The third cut this year took the rate to the lowest since March 2023. Previously, the bank had reduced the rate by 25 basis points each in May and February.
"With underlying inflation continuing to decline back towards the midpoint of the 2-3 per cent range and labour market conditions easing slightly, as expected, the Board judged that a further easing of m...