Australia’s central bank has reduced its benchmark interest rate for the first time since October 2020 as the nation’s inflation cools.

Australian "Big Four" lenders cut their interest rates by 25 basis points on Tuesday, in tandem with the central bank cutting its rates for the first time since November 2020. The Reserve Bank of Australia (RBA) cut its cash rate by 25 basis points to 4.

The Reserve Bank Board of Australia (RBA) announced they had cut interest rates by 25 basis points to 4.10%. The easing is the first since November 2020, when the central bank cut rates while grappling with the pandemic’s economic slowdown.