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Financial News: Australia Cuts Key Rate By 25 Bps As

Australia Cuts Key Rate By 25 Bps As Expected

07/02/2019 - 00:38:00 (RTTNews)

(RTTNews) - Australia's central bank lowered its key interest rate by a quarter point for the second straight meeting, as widely expected, on Tuesday.

The board of the Reserve Bank of Australia, governed by Philip Lowe, cut the cash rate to 1.00 percent from 1.25 percent. The bank had reduced its rate by 25 basis points in June.

"This easing of monetary policy will support employment growth and provide greater confidence that inflation will be consistent with the medium-term target," the bank said in a statement.

Policymakers noted that the reduction will help make further inroads into the spare capacity in the economy.

"The Board will continue to monitor developments in the labour market closely and adjust monetary policy if needed to support sustainable growth in the economy and the achievement of the inflation target over time," the bank said.

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