In the past week, the global economy has changed and not for the better. But apparently we will have to wait until after the election for the Reserve Bank of Australia to bother doing anything.
In 2020, when the Covid pandemic took hold in Australia, the Reserve Bank board met on 3 March to cut the cash rate by 25 basis points to 0.5%. Within a week it was clear this was not enough. The world had changed and waiting until April would be negligent. And so the RBA board met on 19 March, cut rates again and also announced further measures.
