Following recent falls in the rate of economic growth the Reserve Bank of Australia lowered the official cash rate by 0.25 per cent to seven per cent.
Such a decision was welcomed by the leader of Australia's opposition, Dr Brendan Nelson, who told ABC Radio: "I think all Australians, including myself, who have a mortgage, a business overdraft or a credit card, we all welcome the cut in interest rates."
Britons hoping to buy a house in Australia may also be pleased as this could reduce costs for those looking for a home in the country.
In its statement, the Reserve Bank stated that the decision was made in view of the expectation that inflationary pressures will soon start easing.
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