What were the official interest rates before the Reserve Bank of Australia annou

(24) The Reserve Bank of Australia said yesterday that it would cut official interest rates by 0.5 percentage points to around 7.0 percent, following falls in inflation and in an attempt to help buoy the economy.
   (25) The cut is the first change in rates since December 1994, when the bank increased rates to slow the economy, but the bank warned it would lift rates again if wages grew too fast.
   "The Bank’s forecasts suggest that both underlying and headline inflation will be in the 2.3 percent range for some time," the central bank’s governor, Bernie Fraser said, adding that wages and salaries would be the key influence on inflation.