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Australia cuts key interest rate to 4.5%

11-02-2011 11:00 BJT

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Australia’s central bank cut its benchmark interest rate on Tuesday for the first time since 2009. That’s in a bid to boost the nation’s economy amid all the financial uncertainties around the world.

The Reserve Bank of Australia lowered the rate by 25 basis points to 4.5 percent, in line with what economists were expecting.

The central bank warned the lingering jitters over Europe crisis may continue to affect Australian businesses and households... while also noting that other factors contributed to the rate cut, including a slight rise in Australia’s unemployment rate, and subdued confidence outside the country’s lucrative mining sector.

Prime Minister Julia Gillard welcomed the decision, saying it will bring much needed relief for Australian families.


Editor:Zhang Rui |Source:

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