The Reserve Bank of Australia has cut the official cash rate to 1.75%, an historic low. Business Insider Australia In the accompanying monetary policy statement, the board presented a mixed picture on the state of the Australian economy, with the language towards inflation noticeably more dovish than what was seen in prior months courtesy of last Wednesday’s incredibly low consumer price inflation print. On inflation, the board stated that recent data was “unexpectedly low”. “While the quarterly data contain some temporary factors, these results, together with ongoing very subdued growth in labour costs and very low cost pressures elsewhere in the world, point to a lower outlook for inflation than previously forecast,” the statement read. Beyond the inflation outlook, the tone of the statement expressed a cautious optimism towards the outlook for the domestic economy. “The available information suggests that the economy is continuing to rebalance following the mining investment boom.