The Reserve Bank of Australia delivered its third interest rate cut since the start of the year, responding to evidence that inflation has cooled and new forecasts showing that it is likely to remain contained.

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 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.