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Australia cuts benchmark interest rate to record low 0.25%

Mar 19, 2020 - Associated Press Financial Wire

CANBERRA, Australia (AP) - Australia's central bank on Thursday cut its benchmark interest rate by a quarter of a percentage point to a record low 0.25%, urgently seeking to alleviate economic shocks from the new coronavirus.

The move comes two weeks after a cut of the same magnitude and marks the first time since July 1997 that the Reserve Bank has acted on interest rates outside its monthly cycle of board meetings. The bank has said it will not take the cash rate below 0.25%.

The c...