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.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.