In this May 7, 2019, photo, the Reserve Bank of Australia building in Sydney. Australia’s central bank has cut its benchmark interest rate by a quarter of a percentage point to a new record low of 1.25 percent in the first rate change in almost three years. (Bianca De Marchi/AAP Image via AP) (Associated Press)MELBOURNE, Australia — Australia’s central back on cut its benchmark interest rate Tuesday by a quarter of a percentage point to a new record low of 1.25% in the first rate change in almost three years. The bank’s board moves interest rates at monthly meetings to keep inflation within the target range. Lowe said in a speech two weeks ago that Australia had to “do better” than the current jobless rate of 5.2%, which had increased from 4.9%.

Source: Washington Post June 04, 2019 05:18 UTC