New Zealand's central bank cut its benchmark rate by 50 basis points to 3.75% on Wednesday and policymakers flagged further reductions in borrowing costs amid moderating inflation as they sought to revive a struggling economy.

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.

The government-appointed Reserve Bank of Australia board begrudgingly cut rates to try to ease the political crisis produced by the widespread working-class hostility that has developed to the Labor government.