“The Reserve Bank of Australia cut its benchmark interest rate to a record low, driving down a currency that has damaged manufacturing and boosted unemployment. Governor Glenn Stevens reduced the overnight cash-rate target by a quarter percentage point to 2.75 percent, saying in a statement that the Aussie’s record strength ‘is unusual given the decline in export prices and interest rates.’ He joins global counterparts in embracing record-low rates in an economy where inflation is contained, mining spending is predicted to crest, and credit growth remains subdued.”
formerly/http://www.businessweek.com/news/2013-05-07/rba-cuts-benchmark-rate-to-record-low-2-dot-75-percent-to-underpin-growth
