herald

Tuesday 12 December 2017

Australian bank cuts

AUSTRALIA'S central bank cut rates by 25 basis points to 3.5pc amid fears over the impact of the European debt crisis and slowing growth in China.

Reserve Bank governor Glenn Stevens said, while growth in the world economy picked up in early 2012, indicators suggested further weakening in Europe and some slower growth in China.

"With modest domestic growth and a weaker and more uncertain international environment, the outlook for inflation afforded scope for a more accommodative stance of monetary policy," he said.

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