Australia’s central bank says it is ready to cut rates

Strong Aussie: Despite two rate cuts since June the Aussie has risen from a 5½-month trough of US$0.6829 to current levels around US$0.7040. — Bloomberg

SYDNEY: Australia’s central bank would cut interest rates again “if needed” to support employment, wages growth and inflation, having already eased twice since June to a record low of 1%.

Minutes of the Reserve Bank of Australia’s (RBA) July policy meeting showed its board decided that cutting rates by another quarter-point, together with a similar move the previous month, would help speed up the economy.