Australia cuts rates as growth surges

AUSTRALIA - Australia's central bank has taken out an insurance policy against slower economic growth with a quarter-point interest rate cut, taking rates to a 28-year low.

The decision came hard on the heels of news that the country is - so far at least - bucking the gloomy global trend, with gross domestic product leaping 1.1% between July and September.

For the full year to September, the economy expanded 2.5%, a sharp spurt after a 1.6% gain in the year to June.

But announcing its move to