The Reserve Bank has unveiled a wave of measures, including a cut in the official cash rate to a new record low, in a bid to drive down the nation's jobless rate and kickstart growth out of the coronavirus recession. Following its traditional Melbourne Cup Day meeting, bank governor Philip Lowe said the cash rate would be cut to 0.1 per cent. It has been at 0.25 per cent since late March.
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By Shane Wright and Jennifer Duke
Updated November 3, 2020 — 3.52pmfirst published at 2.35pm