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Australia's central bank holds interest rate at 2.0%

Australia's economy has been growing below-trend in recent months as non-mining sectors struggle to fill the gap left by resources industriesAustralia’s central bank Tuesday kept interest rates on hold at 2.0 percent for the second-straight month, saying accommodative monetary policy was needed with economic growth subdued. The Reserve Bank of Australia has slashed rates by 250 basis points since November 2011 to support the resources-dependent economy as it experiences a sharp fall in mining investment, after an unprecedented boom helped avoid a recession for more than two decades. In a statement mostly identical to the previous month, Reserve Bank governor Glenn Stevens said it was appropriate to leave interest rates unchanged.

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