Arab Today, arab today australia central bank cuts rate record low
Last Updated : GMT 10:16:07
Arab Today, arab today
Arab Today, arab today

Australia central bank cuts rate record low

Arab Today, arab today

Arab Today, arab today Australia central bank cuts rate record low

Canberra - SPA

Australia\'s central bank cut its benchmark interest rate by a quarter of a percentage point to a record low 2.5 percent Tuesday because of slower growth and weakening commodity prices. The Reserve Bank of Australia\'s decision at a monthly board meeting in the first week of a federal election campaign was expected by economists, AP reported. The bank last cut the Official Cash Rate, which is a benchmark for commercial lending rates, by a quarter point in May, following four cuts in 2012. In a statement, the bank\'s governor Glenn Stevens said economic growth was below the long-term trend level of 3 percent as the economy adjusts to lower levels of mining investment, but there was a \'reasonable prospect\' of it picking up in 2014.

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