RBA cuts cash rate to record low 2.50%

"At its meeting today, the Board decided to lower the cash rate by 25 basis points to 2.5 per cent, effective 7 August 2013.""

As expected by the market then.

This may be the last cut in the cycle as the economy begins to turn the corner: the RBA has removed its easing bias from the press release.

This interest rate cut will also fire the housing market off to record highs in Australia, in particular in Sydney. Prices in Adelaide and Brisbane remain well below previous peaks however.

Read the release here.

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