AUSTRALIA: The Labor government, buoyed by the...
AUSTRALIA: The Labor government, buoyed by the lowest inflation levels in nearly 30 years, cut interest rates last week to boost recovery. The country’s central bank slashed its official rates by a higher-than-expected 1 percentage point to around 10.5%, the lowest level since early 1984. Treasurer Paul Keating said major banks should follow by dropping their business and mortgage rates. Keating, cheered by annual consumer price index figures showing a 4.9% annual inflation rate, said lower inflation and lower interest rates would further assist the recovery process.
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