Australia cuts on signs of slower growth ahead

The Reserve Bank of Australia lowered its key rate from a 12-year high on evidence that earlier hikes have succeeded in subduing demand.

The Reserve Bank's rate-setting board cut the benchmark cash rate from 7.25% to 7% on Tuesday. Glenn Stevens, the governor of the Reserve Bank, said after the decision that "tight financial condition, in conjunction with other factors including higher fuel costs and low asset values, have exerted the needed restraint on demand."

The governor noted favourable

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