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.

REUTERS