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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

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


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