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Published on April 8th, 2009 | by john.weir

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Australia cuts home loan rates

The Australian central bank has cut interest rates to a 49-year low.

The Reserve Bank of Australia cut its benchmark rate by a quarter percentage point to 3%. Most economists had been predicting no change to rates this year.

“The contraction in the global economy continued during the first few months of this year,” the central bank said.

Australia’s government announced a 42bn Australian dollar stimulus plan last month as the country faces its first recession since 1991.

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