SYDNEY: Australia's central bank on Tuesday lowered the cost of borrowing, slashing interest rates for the third time this year amid fears about the flagging domestic economy.
Resource-rich Australia dodged the worst of the financial crisis but the economy recently recorded its weakest annual growth in a decade, expanding just 1.4 percent in the year to June. "The economy still has spare capacity and lower interest rates will help make inroads into that," he said in a statement following the bank's monthly policy meeting.Lowe has forecast an"extended period" of low interest rates will be necessary to achieve full unemployment and reach the bank's inflation target, with the bank remaining"prepared to ease monetary policy further if needed".
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