Australia cuts lending rates; Slowdown in mining boom cited as one reason for move

摘要

IN RESPONSE to falling prices in some commodities, the Reserve Bank of Australia (RBA) surprised economists in early October by cutting its benchmark lending rate by 25 basis points to 3.25 percent, a level last seen in late 2009 while the global financial crisis was still playing out. The move was seen as yet more evidence that the mining investment boom could be coming to an end. Australia's mining industry has already suffered a number of setbacks because of lower commodity prices and softening demand from China.