Sydney, Australia (AP) - the central bank cut benchmark interest rate on Tuesday a quarter of, considering the global financial crisis, its lowest level since in China's economic growth slowed, and the outlook for the us economy and the uncertainty of the doggedly in Europe under the condition of weak damaged Australia's economic development.
The reserve bank of Australia rate reduced to 3% of the decision, is the fourth time this year, to cut interest rates generally predicted economists. Reserve bank governor Stevens (Glenn Stevens) said in a statement, in Washington deadlock automatically increase the tax and spending cuts, the European financial predicament, prices and economic slowdown in China - Australia's biggest export market - prompt decision.
Finally, the bank in April 2009, a record low of 3% in order to stimulate the economic height, in the process of the global financial crisis, the speed of the decline.
Australia's economy is still relatively strong, in the economic recession period, for the country's rich mineral resources, especially iron ore, because China needs to stimulate the prosperity of the mining industry. However, China's economic growth slowed, prompting concern boom will last three years previously thought. In October, Stevens next year is expected to peak. This prompted Banks trying to launch to other parts of the Australian economy to cut interest rates.
"The recent data confirm that the resource input the arrival of the peak," Stevens said on Tuesday. Existing data suggest that as regards investment, generally in the overseas investment of resources industry is still relatively weak short-term prospects. "
CommSec economists Savanth Sebastian said, mining is obvious area for the attention of the bank.
"Reserve bank in the past few months, really, finally also admitted that mining investment boom will not again three years - this is 12 months to eighteen months," he said. "This is the result of the main driving force.
Sebastian think, this is the bank will cut interest rates again, the next meeting in February, but he predicted range not less than 2.75%.
The bank's decision also follow a few weeks before Christmas by weaker than expected retail spending figures. The Australian bureau of statistics released Monday retail consumption to maintain steady, October, surprising economists had predicted rise 0.4%.
Finance ministers Swan (Wayne Swan) is quick counterattack national financial health concern, says Australia to remain in the best state.
"If anyone thinks, the price is in the same level now for the same reason, they are not important, as it relates to economic policy in the global financial crisis low," he told reporters in Canberra, Australia, and points out that during the recession, the dollar about sixty cents. Now take around $1.04.




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