THE RESERVE Bank has surprised many this afternoon after it decided to cut the cash rate to a record low 2.75 per cent.
In 2012 the central bank cut the cash rate four times, but this is the first reduction in 2013.
In a statement accompanying the decision, RBA governor Glenn Stevens said economic growth was below trend this financial year.
"Employment has continued to grow but more slowly than the labour force, so that the rate of unemployment has increased a little, though it remains relatively low," Mr Stevens said.
"The global economy is likely to record growth a little below trend this year, before picking up next year.
"Among the major regions, the United States continues on a path of moderate expansion and China's growth is running at a more sustainable, but still robust, pace."
Mr Stevens said the RBA board noted the inflation outlook would afford scope to ease the cash rate further.
"At today's meeting the Board decided to use some of that scope," he said.
"It judged that a further decline in the cash rate was appropriate to encourage sustainable growth in the economy, consistent with achieving the inflation target."
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