From ministers.treasury.gov.au: The Reserve Bank of Australia has decided to lower the cash rate by a quarter of a percentage point to 3.85% for the second time in three months, providing financial relief for Australian families with mortgages.

This change highlights the significant progress made on controlling inflation, which is now within the RBA’s target range, while the unemployment rate remains low.

The rate cut will save a household with a $500,000 mortgage approximately $79 monthly and $948 annually, contributing to a broader economic strategy aimed at managing inflation without job losses.