Australia's central bank cuts rates to 1.25%

The Reserve Bank of Australia headquarters in the central business district of Sydney, Australia.

Lisa Maree Williams | Bloomberg | Getty Images

Australia's central bank cut its main cash rate a quarter of a percentage point to a record low of 1.25% on Tuesday, a well-flagged move given weakness in inflation and economic growth.

The Reserve Bank of Australia (RBA) made the announcement following its monthly policy meeting. A Reuters poll of 35 analysts had found all but three saw a cut this week, with the rest tipping a steady outcome.

It was the first easing in policy since mid-2016.

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