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RBA moves on rates

By Cathy Pieroz

The Reserve Bank of Australia has cut the official cash rate for the first time in four months.

At its monthly Board meeting, the Reserve Bank decided it was prudent to cut the cash rate from 3.5 per cent to 3.25 per cent in a bid to stimulate buyer confidence.

The rate cut comes just one day after the TD Securities Melbourne Institute inflation gauge showed only a moderate rise in inflation in September.

According to the Index, inflation rose just 0.2 per cent in September, following a 0.6 per cent rise in August, as falls in electronic imports, footwear and rent costs restrained price increases in fruit and vegetables prices and petrol in the month.

Source: www.rebonline.com.au

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