The Reserve Bank today reduced the Official Cash Rate (OCR) by 25 basis points to 2.0 percent. Global growth is below trend despite being supported by unprecedented levels of monetary stimulus. Significant surplus capacity remains across many economies and, along with low commodity prices, is suppressing global inflation. Some central banks have eased policy further since the June Monetary Policy Statement, and long-term interest rates are at record lows. The prospects for global growth and commodity prices remain uncertain. Political risks are also heightened. Weak global conditions and low interest rates relative ... (full story)