Australia cuts interest rates by 25 bps to a two-year low of 3.6%

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Australia’s central bank cut its interest rates by 25 basis points on Tuesday. The benchmark lending rates are now at 3.6%, the lowest since April 2023, which aligned with analysts’ expectations. The Reserve Bank of Australia acknowledged that the cut was due to a downgrade in the annual economic outlook for the country. It also expects a lower economic growth for the year at 1.7% from its previous estimate of 2.1%. Australia expects more rate cuts in 2025 The RBA has just cut interest rates for...