Australia slashes rates to a 29-year low of 4.5%

AUSTRALIA - Australia's central bank cut official interest rates on Wednesday 3 October by a quarter of a percentage point to a 29-year low of 4.5 percent in a bid to bolster the economy in an international downturn.

The announcement by the Reserve Bank of Australia (RBA) board followed a decision hours earlier by the US Federal Reserve to cut US rates by half a percentage point to a 39-year low of 2.50 percent.

The fifth cut in Australia's official cash rate this year came amid fears the 11 Se