‘We cannot declare victory on inflation yet’: RBA governor speaks on rate cuts

RBA Governor Michele Bullock discusses the RBA’s first rate cut since 2020.

The Reserve Bank of Australia has cut interest rates by 25 basis points – taking the official cash rate to 4.1 per cent.

“It’s clear that higher interest rates have been working as anticipated, restricting economic activity and putting downward pressure on inflation,” Ms Bullock said.

“The board judges that its time to reduce a little bit of that restrictiveness, but we cannot declare victory on inflation just yet.”