Former Reserve Bank governor says interest rate cuts have 'done everything they can do'

Ian Macfarlane says Australia facing the ‘most perplexing and difficult’ era for monetary policy ever

Former Reserve Bank governor Ian Macfarlane has weighed into the debate over interest rates, believing any further cuts will have very little power to do anything useful.

The central bank cut the official cash rate to a record low of just 0.75% this week, the third reduction in a matter of months.

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