Looking back on 4 March 2008 when the interest rate was set at 7.25% by RBA...

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Looking back on 4 March 2008 when the interest rate was set at7.25% by RBA (Reserve Bank Australia), however since then RBAgradually reduced the interest rate to its lowest 1% on 3 July2019. Present an overview on the expectations or motivations behindsuch interest rate cut by RBA? (summary) [Note: In the early 1990sthe interest rate was 17.5%, you donâ€™t need to go back such distantpast, your analysis should focus between 2008 to 2019] Talk aboutthe impact on the economy after the interest rate changed. Summaryof 400 words
Can you please help me with this overview? It is for my work

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Reserve bank of Australia RBA influences the Australian economy using its multiple instruments One such instrument used is the interest rate sometimes also called as RBA Official cash rate What is the RBA Official Cash Rate OCR OCR is the rate of interest which the central bank ie RBA charges on overnight loans between commercial banks Whenever a bank has a shortage of funds they can typically borrow from the central bank The OCR influences the price of borrowing money in See Answer

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