Australia's central bank cuts rates to shake off virus fears

SYDNEY: Australia's central bank cut interest rates to record lows on Tuesday in what is expected to be the first in a spate of policy stimulus around the world to fight the economic fallout from the coronavirus.

This was the fourth reduction by the Reserve Bank of Australia (RBA) in less than a year, bringing the cash rate to 0.5% amid mounting evidence momentum in the A$2 trillion ($1.30 trillion) economy likely stalled in the first quarter of 2020.