Australian interest rates cut to record low of 0.75 per cent

The Reserve Bank has cut the official interest rates to a new record low of 0.75 per cent in a bid to drive up wage growth and reduce unemployment.

The Reserve Bank of Australia in Sydney. Source: AAP

Australia's interest rates have dipped below one per cent for the first time, but the Reserve Bank is already preparing to cut them further if the economy remains stagnant.

The new record low of 0.75 per cent is the third cut this year, as the central bank tries to push the unemployment rate down and inflation and wage growth up.

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