×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Australia | Central Bank | Rates | Economy

Australia Central Bank Cuts Rates to Record-Low 2.75%

Tuesday, 07 May 2013 07:23 AM EDT

Australia's central bank cut its key interest rate by a quarter of a percentage point to a record low 2.75 percent Tuesday in an effort to boost economic growth.

Reserve Bank of Australia governor Glenn Stevens said in a statement following the bank's monthly board meeting that economic growth was below trend in the second half of 2012 and continued to be that way in 2013.

"Employment has continued to grow but more slowly than the labor force, so that the rate of unemployment has increased a little, though it remains relatively low," he said.

"The global economy is likely to record growth a little below trend this year, before picking up next year," he said.

The central bank last lowered its Official Cash Rate in December, cutting it by a quarter point to 3 percent.

The rate last bottomed out at 3 percent for six months in 2009 during the global financial crisis and recession.

Moments after the bank's announcement on Tuesday, the Australian dollar slid against the U.S. dollar, dropping to $1.0188 from $1.02337.

The currency ended Monday's local trading session at $1.0272.

© Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


FinanceNews
Australia's central bank cut its key interest rate by a quarter of a percentage point to a record low 2.75 percent Tuesday in an effort to boost economic growth.Reserve Bank of Australia governor Glenn Stevens said in a statement following the bank's monthly board meeting...
Australia,Central Bank,Rates,Economy
185
2013-23-07
Tuesday, 07 May 2013 07:23 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved