Australia slashes interest rates
Australia's central bank has slashed interest rates by a bigger-than-expected 0.75% point amid strong signs the economy is slowing quickly.
The reduction was the third in a row by the Reserve Bank of Australia as policymakers move aggressively to try to counter the negative effects of the global financial crisis.
Analysts had widely expected the bank to cut rates but most thought the amount would be a 0.50% point.
The new rate is 5.25%.