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01:09
Australia cuts cash rate to 4.1 pct
STORY: Australia cuts cash rate to 4.1 pct
SHOOTING TIME: recent footage
DATELINE: Feb. 18, 2025
LENGTH: 00:01:09
LOCATION: SYDNEY, Australia
CATEGORY: ECONOMY
SHOTLIST:
1. various of Reserve Bank of Australia
2. various of street views in Australia
STORYLINE:
Australia's central bank cut interest rates on Tuesday for the first time since November 2020. The 25 basis point reduction brought the country's official cash rate down to 4.1 percent.
The Reserve Bank of Australia (RBA) also lowered the interest rate paid on Exchange Settlement balances to 4 percent, its board said in a statement.
Inflation has fallen substantially since peaking in 2022, the statement said. The board attributed this drop to higher interest rates bringing aggregate demand and supply closer to balance.
There are notable uncertainties about the outlook for domestic economic activity and inflation, the statement said, adding that uncertainty also remains significant abroad.
Xinhua News Agency correspondents reporting from Sydney, Australia.
(XHTV)
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