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Last week’s highlights

RBA cuts rates to record lows

The Reserve Bank of Australia cut interest rates to record lows at its monetary policy meeting last week.

The interest rate cut was widely expected as the central bank attempts to steer the Australian economy. The board cut interest rates by 15 basis points to a historic low of 0.10%.

It also cut the yield on the 3-year Australian government bonds to 0.1%. The bank also pledged to buy government securities from 5 to 10-year maturities over the next six amounts.

The purchases amount to close to 100 billion Australian dollars. The central bank noted that the high unemployment rate was a national priority.

New Zealand unemployment rate rises to 5.3%

The quarterly labor market report from New Zealand saw the unemployment rising to 5.3% on a seasonally adjusted basis for the third quarter.

The data was slightly better than the forecasts of an increase to 5.4%. Despite the slightly better results, the unemployment rate in New Zealand has s...

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