Australia's Q1 business investment fails to meet expectations with 4.4% fall
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Sydney
AUSTRALIAN businesses investment suffered the largest fall in over six years last quarter while spending plans for the year ahead came in far below expectations, a deeply disappointing report that sent the local dollar reeling.
The news will be a bitter pill for the Reserve Bank of Australia (RBA) which only just cut interest rates to a record low of 2 per cent in the hope of reviving business spending.
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