RBA cuts rates on fears of global slowdown

reserve-bank-of-australia

Fears of a global economic slowdown prompted the Reserve Bank of Australia (RBA) to continue loosening monetary policy on Tuesday as it cut its benchmark cash rate by 25 basis points to 4.25%.

In a statement following the policy board's meeting, Glenn Stevens, the governor of the RBA, said the likelihood of a further material slowing of global growth had "increased", with sovereign credit and banking problems in Europe likely to weigh on economic activity over the period ahead. He said growth in

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