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Global Banking News - 01 May 2012

Australia's central bank has cut its cash-rate target by 50 basis points to 3.75 percent on Tuesday Tuesday: see week. .

The reduction in rates, the first since December, comes amid signs that the economy has slowed sharply in recent months in sectors except the booming mining sector. Inflation has also moderated, enabling the rate reduction.

The Reserve Bank of Australia The Reserve Bank of Australia came into being on 14 January 1960 to operate as Australia's central bank and banknote issuing authority. The bank offers banking services to the Federal Government, and to licensed banks that participate in the payments system.  (RBA) is expected to announce its downwardly revised estimates for both economic growth and inflation in a quarterly report on Friday.

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Publication:Global Banking News (GBN)
Geographic Code:8AUST
Date:May 1, 2012
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