News Summary: Australia central bank cuts rate

News Summary: Australia central bank cuts interest rate to record low 2.75 percent

Associated Press

DOWN, DOWN UNDER: Australia's central bank cut its key interest rate by a quarter percentage point to a record low 2.75 percent Tuesday in an effort to boost economic growth.

AUSSIE OPTION: The country's Treasurer said inflation is under control, so the central bank is in a position to deploy monetary policy, particularly when faced with a high Australian dollar.

BILLABONG BONDS: the Australian dollar remains high because of demand for government bonds, viewed by investors as a safe haven with higher returns than U.S. and Japanese government bonds.

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