Australia’s central bank has cut interest rates to their lowest level in almost half a century as the country’s officials step up their efforts to prevent a deep recession in the commodity-dependent economy.

The Reserve Bank of Australia has reduced interest rates each month since September, pausing just once last month to assess the impact of the cuts. After Tuesday’s quarter-point cut, the bank’s key rate now stands at 3%, down from 7.25% in September.

Daily Telegraph