Australia's central bank cuts rates.

The Reserve Bank of Australia cut rates for the seventh time in 18 months Tuesday, taking the benchmark cash-rate down 25 basis points to a record low 2.75%, surprising some forecasters who expected the rate to remain unchanged. At 2.5%, inflation in Australia is within the central bank's target range and the strong aussie has weighed on mining companies who say it undermines their export competitiveness. The Australian dollar fell by more than half a cent against the dollar following the announcement.