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- The Reserve Bank of Australia has cut interest rates for the first time since November 2020
- At its February meeting, the RBA board decided to decrease the cash rate by 0.25 of a percentage point, to 4.1 per cent
- It is a reprieve for mortgage borrowers, after the central bank hiked rates on 13 occasions between May 2022 and November 2023
- The Australian dollar is buying around 63.5 US cents following the decision
- The Australian share market remained in the red despite the rate cut, with the ASX 200 losing around 0.7% while the All Ords dropped 0.6%
- David Chau takes a look at why economists think today's rate cut happiness may be short-lived, even with the big four banks passing on rate cuts within minutes of the RBA's decision;
- Barrenjoey chief economist Jo Masters on why she was one of the few who thought the RBA would hold fire on a rate cut today; and
- BHP boss Mike Henry discusses the miner's profit hit off the back of weaker commodity prices and slowing demand from China.
- National Debt Helpline: 1800 007 007
- Mob Strong Debt Help: 1800 808 488
- ASIC's Moneysmart website
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- ASX 200: -0.7% to 8,481 points
- Australian dollar: flat at 63.56 US cents
- S&P 500: closed
- FTSE: +0.4% to 8,768 points
- EuroStoxx 50: +0.4% to 4,718 points
- Spot gold: +0.5% to $US2,911/ounce
- Brent crude: flat at $US75.22/barrel
- Iron ore: -0.2% to $US106.30/tonne
- Bitcoin: -0.8% at $US95,697
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