Today the Reserve Bank has announced its cash rate decision for the month of November, moving in line with market expectations, cutting the official cash rate from 0.25 per cent to a new historic low of 0.10 per cent and moved to broad quantitative easing. The move, announced just ahead of the start of the Melbourne Cup race, marks the first time that the RBA has cut rates by less than 25 basis points, and comes as Australia looks to work its way out of a COVID induced recession.
But will it work?