Australia’s central bank slashes interest rates

Sri Lankan Police forming a human chain in parliament to protect the Speaker and enable a vote.

SYDNEY, October 7, 2008 (AFP) – Australia’s central bank slashed interest rates by one percent Tuesday amid fears of a global slowdown sparked by the US-based financial crisis. The Reserve Bank of Australia reduced its official cash rate to 6.0 percent, just a month after a 25 basis point cut marked the first downward movement in more than six years. .