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Economy

Australia holds rates at record lows ahead of 'very large' GDP decline

Central bank vows to do 'whatever is necessary' as coronavirus disrupts economy

The Reserve Bank of Australia last month announced an out-of-cycle rate cut to 0.25%, together with an unprecedented stimulus package.   © Reuters

SYDNEY(Reuters) -- Australia's central bank kept rates at record lows on Tuesday and said it would do "whatever is necessary" to achieve its target of 0.25% for three-year government bond yields as it predicted a "very large" economic contraction next quarter.

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