CANBERRA, Australia (AP) -- Australia's central bank says it has cut its benchmark interest rate by a quarter percentage point to 7.0 percent in its first rate reduction in seven years amid slowing economic growth.
The rate reduction is the Reserve Bank of Australia's first in seven years amid slowing economic growth.
The Reserve Bank of Australia announced the widely anticipated move in a statement Tuesday.
The official cash rate was last cut in December 2001, when it was reduced by a quarter point to 4.25 percent.
The rate reduction is the Reserve Bank of Australia's first in seven years amid slowing economic growth.
The Reserve Bank of Australia announced the widely anticipated move in a statement Tuesday.
The official cash rate was last cut in December 2001, when it was reduced by a quarter point to 4.25 percent.
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