Australia central bank cuts rates to record-matching lows

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The Reserve Bank of Australia (RBA) cut its main cash rate to 3.0% following its monthly policy meeting.  (Reuters) The Reserve Bank of Australia (RBA) cut its main cash rate to 3.0% following its monthly policy meeting. (Reuters)
SummaryThe Reserve Bank of Australia (RBA) cut its main cash rate to 3.0% following its monthly policy meeting.

on Wednesday and were expected to show moderate growth of around 0.6 percent in Australia's A$1.4 trillion economy.

Such a result would see growth for the year slow to a still-respectable 3.2 percent, from 3.7 percent. But the balance of risks seems biased to the downside going into 2013.

Analysts estimate that fiscal tightening alone could shave between 0.75 and 1.5 percentage points off GDP growth in the year to end June 2013.

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