Stevens gloomy on growth as RBA cuts
Cut brings interest rate to new record low
Reserve Bank of Australia (RBA) governor Glenn Stevens sounded a cautious note today, warning the Australian economy was likely to remain weak for longer than the central bank had previously thought.
In his statement unveiling the decision to cut the headline interest rate to a new record low of 2.25%, Stevens said growth was below trend, demand growth "overall quite weak", and unemployment edging up.
"Overall, the Bank's assessment is that output growth will probably remain a little below trend
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