Australia’s Central Bank Cuts it s Benchmark Interest Rate

“The Reserve Bank of Australia cut its benchmark interest rate to a record low this month to boost businesses weakened by the currency’s sustained strength, even as households reacted to earlier reductions.

“Conditions in the business sector, as assessed in surveys, generally had remained below average, possibly in part because the exchange rate had remained high,” the RBA said inminutes of its May 7 meeting released today in Sydney. “Increasingly, the household sector had shown signs of responding to” lower rates….”

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