Coronavirus fears push Australia central bank to cut rates to record low

Australian Prime Minister Scott Morrison, second right, Minister for Health Greg Hunt, left, Chief Medical Officer Professor Brendan Murphy, and Minister for Foreign Affairs Marise Payne, January 28, 2020. (AP)

Australia’s central bank on Tuesday slashed interest rates to a record low on fears the deadly coronavirus outbreak could push the country into recession.

The Reserve Bank of Australia said it had lowered rates by 25 basis points to 0.50 percent in an effort to offset the impact of COVID-19.

Last Update: Wednesday, 20 May 2020 KSA 09:57 - GMT 06:57