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RBA cuts interest rates to record low in unexpected move

Governor says Aussie growth will be weaker for longer and the jobless rate will peak higher than earlier expected

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Mr Stevens said "a lower exchange rate is likely to be needed to achieve balanced growth in the economy".

Sydney

AUSTRALIA'S central bank unexpectedly cut its benchmark interest rate to a record low on Tuesday and said the local currency remains overvalued, joining a dozen global counterparts in easing this year as commodity prices tumble.

The overnight cash rate target was lowered by

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