12:00 PM
For the first time since 1999, the Reserve Bank of Australia has cut the offical interest rate. The Bank dropped the rate this morning to 5.75 per cent - down 0.5 per cent.
Australia's banks are expected to move quickly to make similar cuts to their interest rates.
Today's announcement follows a series of economic surveys which showed business confidence was declining and the economy slowing.
Australia cuts interest rate by 0.5 pc
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