SYDNEY–The Reserve Bank of Australia cut interest rates for the first time since 2020 on Tuesday, joining its international counterparts in the global easing cycle and opening the door for the immediate calling of a federal election,

The RBA was too slow to lift rates, and it didn't want to make the same mistake when cutting them, the central bank's governor has told a parliamentary committee.

Australia’s central bank still has “work to do” to bring inflation back to its 2-3% target and doesn’t yet share the market’s confidence about the trajectory of interest-rate cuts, Deputy Governor Andrew Hauser told Bloomberg in an interview Thursday.