The Reserve Bank of Australia minutes released today shed further light on the economic impact of the global economic slowdown on the Australian economy. The RBA lowered interest rates by 25 basis points to 4.25% on December 7th. This was the second straight month of 25 basis point cut by the RBA. The RBA policy makers felt that there was an opportunity to cut rates at the December policy meeting as inflation would remain in target over the next couple of years and the situation in Europe needed some preemptive action. Read more