Australia’s central bank cut its benchmark lending rates by 25 basis points on Tuesday, while downgrading the annual economic outlook for the country. The Reserve Bank of Australia reduced its economic growth forecast for the year to 1.7% from 2.1%, saying that a weaker-than-expected rise in public demand in early 2025 was unlikely to be offset through the rest of the year. The country’s benchmark rates are now at 3.6%, the lowest since April 2023, and in line with expectations of economists polled by Reuters. The RBA said that inflation had dropped “substantially” since the peak in 2022, with steeper interest rates ... (full story)