Australia lowers rates to 5.25%

The Austrialian Central Bank has reduced his main interest rate from 6% to 5.25%. With this drop of the interest, the Central Bank of Australia hopes to give a boost to the economy and to avoid a recession.
The reduction to 5.25% was larger than expected but analysts say they had predicted a reduction.
It was the third cut in three months of the Reserve Bank. Thanks to this reduction, the key interest rate of Australia has become the lowest since March 2005. Some experts says that this reduction is a good stimulus for families and the industry to face the world credit crisis. It will give the economy the power to move on in these bad times. It is not only Australian Central Bank who made a reduction, most of the Centrals banks around the world did it.

I think the Australian Central Bank did a good job by reducing the interest rate. With this reduction they help the people and the industry. Which will lead to a better economy. And if a country has a good economy, everybody can enjoy of the advantages of a good economy. So to conclude I would say that the Australian Central Banks has done a good job by reducing the interest rate.

source: http://news.bbc.co.uk/2/hi/business/7707579.stm