CANBERRA, Australia (AP) -- Australia's central bank has cut its benchmark interest rate by a quarter of a percentage point to a record low 2.5 percent because of slow growth and weakening commodity prices.
The Reserve Bank of Australia's decision at a monthly board meeting Tuesday in the first week of a federal election campaign was expected by economists.
The bank last cut the Official Cash Rate, which is a benchmark for other lending rates, by a quarter point in May following four cuts in 2012.
- Budget, Tax & Economy
- Interest Rates
- Reserve Bank of Australia