Australia hints at cuts later in 2008

Though the Reserve Bank of Australia opted to leave rates at a 12-year high of 7.25% last month, minutes published on Tuesday signalled that it could make cuts later this year.

The slowing global economy and tighter financial conditions in Australia were likely to reduce expansionary forces on the economy, the minutes said, adding that "these developments were working to foster the moderation in demand growth that was needed to ease the pressure on inflation."

"Provided this moderation continued

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