Australia Cuts Interest Rate to 0.25% Amid Virus Fallout

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  • Mar.19 — The Reserve Bank of Australia unveiled unprecedented steps to reduce borrowing costs and supply funding to the economy in an effort to limit any permanent damage from the deadly coronavirus. The policy moves announced Thursday included a cut in the nation’s benchmark interest rate by 25 basis points to 0.25%. Governor Philip Lowe comments on the decision at a briefing in Sydney.

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