Reserve Bank of Australia (RBA) met for its August meeting and decided to cut the official cash rate by 25 basis points to just 1.50 per cent. This result was widely predicted with many experts tipping the RBA would lower the rate to provide some stimulus for the economy following last week's disappointing CPI numbers. At its meeting today, the Board decided to lower the cash rate by 25 basis points to 1.50 per cent, effective 3 August 2016.