Which year did the cash rate drop to 3% during the GFC?

During the Global Financial Crisis (GFC), which became particularly evident in 2008, central banks around the world responded to the economic downturn by lowering interest rates to stimulate economic activity. In Australia, the cash rate was dropped significantly to encourage borrowing and spending. The rate reached 3% in October 2008 as part of these measures.

This action was crucial during the financial crisis, as lower interest rates aimed to ease credit conditions and support both consumers and businesses facing financial uncertainty. Consequently, the year 2008 is identified as the specific time when the cash rate was lowered to this level, marking a response to the immediate financial challenges posed by the crisis.