Australia cuts interest rate to record low 2.75%

SYDNEY: Australia's central bank cut interest rates to a record low of 2.75 percent Tuesday, citing weak domestic inflation coupled with a persistently high dollar as investment in the key mining sector hits its peak.

The Reserve Bank of Australia's shock decision to slash 25 basis points takes the official cash rate to never-before-seen lows, and is aimed at priming those areas struggling as the economy transforms away from mining.