World interest rates hitting record lows
Around the world interest rates have been hitting record lows and in some regions such as Japan and the European Central Bank have turned negative. Australia is no exception to this trend. On 1 October 2019 the Reserve Bank of Australia (RBA) acted on weaker economic data with a 25 basis point cut to a record low of 0.75%. Following the further release of economic data, many commentators are now predicting another interest rate cut to 0.50% early in 2020 and possibly another cut to 0.25% by the middle of next year.