Australia central bank cuts rates to record-low 2% to spur sluggish economy

PUBLISHED ON MAY 5, 2015 12:50 PM

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Pedestrians crossing a road in the Sydney CBD on March 3, 2015. Australia's central bank cut its cash rate a quarter point to an all-time low of 2.0 per cent on Tuesday, aiming to spur a sluggish domestic economy while keeping downward pressure on the local dollar. -- PHOTO: AFP 

SYDNEY (Reuters) - Australia's central bank cut its cash rate a quarter point to an all-time low of 2.0 per cent on Tuesday, aiming to spur a sluggish domestic economy while keeping downward pressure on the local dollar.

The Reserve Bank of Australia (RBA) made the announcement following its monthly policy meeting. A Reuters poll of 27 analysts had found 20 expected a cut this week.