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Australia Cut Interest Rates to New Low
The Reserve Bank of Australia has lowered its benchmark lending rate from 2.5% to a record low 2.25% in an effort to bolster the country's weak economy.
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The Reserve Bank of Australia has lowered its benchmark lending rate from 2.5% to a record low 2.25% in an effort to bolster the country's weak economy.
The reduction, which had been expected, was the central bank's first cut in 18 months. RBA notes that Australia's sluggish economy has contributed to a 12-month-high unemployment rate of 6.3%.
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