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-Australia's RBA cuts interest rate.

Global Banking News-May 1, 2012--Australia's RBA cuts interest rate(C)2012 ENPublishing -

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.

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 (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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