3 October 2001, 09:55  RBA Cuts Rates To 4.50%

The Reserve Bank of Australia cut its key Official Cash Rate by 25 bps to 4.50% Wednesday. The RBA cited a likely slowing of global economic growth for the cut. In its accompanying statement, the RBA said the recent attacks in the US would lead to further weakness in the US and elsewhere, with global growth likely to be weaker than envisaged. According to the central bank, domestic prospects are relatively positive in the near term, but confidence will "doubtless be affected by international events."

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