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Australia lowers inisterest rates
weighing up the available domestic and international information, the board judged that there was now scope for monetary policy to become less restrictive, said the reserve bank's governor glenn stevens . the central bank had increased the cost of borrowing as recently as march, lifting rates to a 12-year high as it battled a pick-up in inflation . australia's central bank has cut interest rates for the first time in serven years as its economy slows . the reserve bank cut rates to 7% from 7.25% to spur growth amid poor retail sales, weak business confidence and slower jobs growth . Generated 2008-9-4_8:25
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