Reserve Bank of Australia unexpectedly cuts rates


The board of the Reserve Bank of Australia (RBA) lowered its benchmark interest rate  by 25 basis points to 3.25% today (October 2) in response to a weaker growth outlook for next year.

RBA governor, Glenn Stevens, said the central bank adopted a "more accommodative" monetary stance to mitigate international developments, including contracting economic activity in Europe and dampened growth in Asia.

As a result of lower commodity prices, Australia's terms of trade have declined by more than 10%

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