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Australia central bank cuts rates to 1.75%
[SYDNEY] Australia's central bank cut its cash rate a quarter point to an all-time low of 1.75 per cent on Tuesday, hoping to head off deflationary forces after a very low inflation reading for the first quarter.
The Reserve Bank of Australia (RBA) made the announcement following its monthly policy meeting.
A Reuters poll of 51 analysts had found 18 expected a cut this week, while the majority predicted no move.