01.10.201900:48:00UTC+00Australia Cuts Key Rate By 25 Bps

Australia's central bank reduced its interest rates further as widely expected, on Tuesday.

The board of the Reserve Bank of Australia, governed by Philip Lowe, decided to reduce the cash rate by 25 basis points to 0.75 percent.

The bank had earlier lowered its rate in June and July. The back-to-back rate cut in July was the first since mid-2012.

"It is reasonable to expect that an extended period of low interest rates will be required in Australia to reach full employment and achieve the inflation target," the bank said in a statement.

"The Board will continue to monitor developments, including in the labour market, and is prepared to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the inflation target over time," the bank said.