SYDNEY: Australia cut interest rates for the first time in almost three years to guard against a darkening global backdrop and attempt to drive increased hiring and faster inflation.
Reserve Bank of Australia (RBA) governor Philip Lowe made his first adjustment to the cash rate since taking the helm in September 2016, cutting by a quarter-point to 1.25% yesterday as expected by money markets and economists. They also see the central bank following up with another cut within three months.
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