RBA’s Lowe: Progress on employment, inflation goals slower than would like, today's rate cut will help

Reuters reports the latest comments from the Reserve Bank of Australia (RBA) Governor Phillip Lowe, as he speaks the RBA Board Dinner, in Melbourne.

Earlier today, the RBA cut the Official Cash Rate (OCR) by 25-bps to a new all-time low of 0.75%. The rate cut move downed to the Australian dollar to the weakest levels in four-weeks vs. the US dollar at 0.6694.

Key Quotes:

•  RISKS TO GLOBAL ECONOMY CLEARLY ON THE DOWNSIDE
• GLOBALLY MAIN ISSUE AT THE MOMENT IS GEOPOLITICAL UNCERTAINTY, PARTICULARLY US-CHINA DISPUTES
• UNCERTAINTY AFFECTING INVESTMENT DECISIONS, SUPPLY CHAINS
• CENTRAL BANKS CUTTING RATES AS INSURANCE AGAINST POSSIBILITY OF NOTICEABLE SLOWDOWN
• FACTORS AFFECTING LOW APPETITE TO INVEST GLOBALLY MAINLY TASK FOR GOVT, BUSINESSES NOT CENTRAL BANKS