Australia central bank cuts growth, inflation forecasts

Australia's central bank Friday cut its forecasts for economic growth and inflation this year and warned unemployment would likely rise as the economy transitions away from a mining investment boom. The Reserve Bank of Australia (RBA) said gross domestic product would expand 2.25-3.25 percent in 2015, compared with a November estimate of 2.50-3.50 percent. The bank had hinted at lower growth rates Tuesday when it cut interest rates to a record low of 2.25 percent in a bid to kickstart the e