Australian interest rates cut to 2.75 per cent
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Sydney (dpa) - Australia's central bank shaved 25 basis points off the interest rate after its monthly meeting Tuesday, bringing the cost of borrowing to 2.75 per cent.
The central bank has cut the cash rate by 175 basis points over the past 12 months and hinted that it was ready to cut again if further stimulus were needed.
Central bank governor Glenn Stevens said the bank's decision to cut rates reflected moderate price increases and an Australian dollar that was hurting the manufacturing sector.
