Australia cuts interest rate to new record low of 2.25%
Reserve Bank of Australia
Sydney - AFP
Australia's central bank on Tuesday lowered the official cash rate by 25 basis points to a new record low of 2.25 percent, making its first cut in 18 months in an attempt to spur the economy.
"At today's meeting, taking into account the flow of recent information and updated forecasts, the board judged that, on balance, a further reduction in the cash rate was appropriate," Reserve Bank of Australia governor Glenn Stevens said.
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