RBA cuts key rate to 3 percent on subdued labour market, below average global growth

Tue, 04 Dec 2012

Dec. 4 (BusinessDesk) – The Reserve Bank of Australia cut its key rate a quarter point as expected, saying there’s a risk below-average global growth slows further while at home the labour market is subdued and capital spending on resources is peaking. The central bank lowered the cash rate to 3 percent from 3.25 percent to “help to foster sustainable growth in demand and inflation outcomes consistent with the target over time.” The Australian dollar rose immediately after the announcement to US$1.0446 fr9om US$1.0417, while the New Zealand...

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