Australia’s central bank slashes interest rates

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.

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The Reserve Bank of Australia reduced its official cash rate to 6.

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0 percent, just a month after a 25 basis point cut marked the first downward movement in more than six years.

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