Australia's five-year inflation rate has hit the weakest since 1963 - Business Insider

Australia's average annual inflation over the past five years has grown at the slowest pace in 55-years, despite the Reserve Bank of Australia's 575 basis point rate cut since the great financial crisis, according to David Scutt, Markets and economics editor, Business Insider Australia.

The five-year annualized inflation is currently running at 1.75%, the weakest level 1963. Inflation has been weaker over the past 12 months, rising just 1.3% from the March quarter last year.

The markets, therefore, are expecting the central bank to deliver rate cuts in the second half of this year.