Australia cuts rates

May 07, 2013, 8:07 AM EDT
A man walks past the Reserve Bank of Australia as Australia's central bank cut interest rates to a record low 2.75 percent in Sydney on May 7, 2013 as investment in the Asia-driven mining sector hits its peak and the persistently high dollar squeezes local industry.
AFP/Getty Images/WILLIAM WEST

The Reserve Bank of Australia cut its main cash rate a quarter point to a record low of 2.75%. It was the central bank's first easing since December as the global outlook turned more uncertain and the domestic economy struggled with a high currency.

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