Arab Today, arab today australia cuts rate by quarterpoint to 25
Last Updated : GMT 21:10:43
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Australia cuts rate by quarter-point to 2.5%

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Arab Today, arab today Australia cuts rate by quarter-point to 2.5%

Sydney - QNA

Australia’s central bank has cut its benchmark interest rate to a new record low, in an attempt to spur a fresh wave of economic growth, the BBC reported on Tuesday. The Reserve Bank of Australia (RBA) cut its key rate to 2.5% from 2.75%. Last week, the government cut its growth forecasts and warned that unemployment in the country could rise amid slowing growth. The rate cut comes just days after Prime Minister Kevin Rudd called a general election for 7 September.  

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