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| RBA cuts rate 0.25% | The Reserve Bank dropped its benchmark interest rate this afternoon, after pausing in March, as it battles the global slowdown dragging on the economy.
The central bank cut the key cash rate by 25 basis points to 3%, its lowest level since March 1960, defying expectations of a consensus of economists who had predicted no change.
The RBA has chopped 425 basis points since September in an effort to keep the economy from slipping into reverse gear. | | 2009-04-07 10:27:39 |
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