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Australia Cuts Key Rate to Record-Low 2% on Weak Growth Outlook
Australia cut interest rates to a fresh record low in response to a weak economic outlook and to discourage further strengthening in the currency. Governor Glenn Stevens and his board lowered the key rate to 2 percent from 2.25 percent, the Reserve Bank of Australia said in a statement Tuesday. The move was predicted by traders and by 25 of 29 economists surveyed by Bloomberg. Policy makers warned last month that investment in industries outside mining, which were supposed to pick up slack in the economy, could fall. The government, which is due to release its annual budget May 12, is unlikely to add stimulus to an ... (full story)
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