Australia central bank cuts rates to new record low of 0.25%

Sydney: Australia's central bank made an emergency interest rate cut to a historic low of 0.25 percent on thursday as part of several measures to counter the fallout from the coronavirus pandemic.

The Reserve bank of Australia board cut the cash rate a quarter point and said it would remain at this record low "until progress is being made towards full employment".

Other measures included of government bond purchases and support for the banking sector, it said.