RBA cuts rates to record low

glenn-stevens2

The Reserve Bank of Australia (RBA) today cut its headline interest rate to a record low, as the economy continued to show a slow adjustment away from the mining sector.

The Reserve Bank board chose to lower the rate by 25 basis points to 2.75%, passing a previous low of 3% that was first hit in April 2009. In a statement following the decision, governor Glenn Stevens said resource investment, notably in Australia's booming mining sector, was likely to peak later this year, leaving "scope for

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