News Analysis: Australia cuts cash rate to record low, concerns raised over economy growth

A pedestrian walks past the Reserve Bank of Australia, the country's central bank, in Sydney, Australia, July 2, 2019. For the first time since 2012, Australia's central bank has made back-to-back rate cuts, to set a new record low cash rate of just 1.0 percent. The Reserve Bank of Australia (RBA) Governor Philip Lowe said on Tuesday, the decision was made to stimulate economic growth and "provide greater confidence that inflation will be consistent with the medium-term target." (Xinhua/Bai Xuefei)