Australia's central bank cut interest rates on Tuesday for a third time this year and signaled further policy easing might be needed to meet its inflation and employment goals as the economy lost some momentum.

Australia’s central bank has reduced its benchmark interest rate by a quarter percentage point for a third time this year to 3.6%, with inflation tamed and economic growth stalling.

Australia’s central bank cut its interest rates by 25 bps on Tuesday. The benchmark lending rates are now at 3.6%, the lowest since April 2023.