Australian central bank cuts benchmark interest rate for the first time since October 2020

Australia’s central bank on Tuesday reduced its benchmark interest rate for the first time since October 2020 as the nation’s inflation cools. The Reserve Bank of Australia reduced the cash rate by a quarter percentage point from 4.35% to 4.1%. The cut was widely anticipated after inflation rose only 0.2% in the December quarter and 2.4% for calendar 2024.