The Reserve Bank of Australia cuts its benchmark rate 25 bps to 3.50%, as was widely expected....

|By:, SA News Editor

The Reserve Bank of Australia cuts its benchmark rate 25 bps to 3.50%, as was widely expected. Growth concerns were piqued by further weakening in Europe, growth moderation in China, a slow U.S. recovery and a deterioration in financial market sentiment. Aussie households and businesses continue to act with caution. S&P/ASX 200 extended its gain, closing +1.5% on the rate cut. (RBA statement)