SYDNEY -- Australia's central bank on Tuesday cut its key interest by 25 basis points in its first such reduction in over four years, marking a welcome move for the nation's Labor government as it fights to rein in living costs ahead of a looming election.
The Reserve Bank of Australia's nine-person board decided to lower the cash rate to 4.1% from the 13-year high of 4.35% it had been held at since November 2023, after 13 rises since May 2022.
