Australia's central bank revises down growth forecasts

Australia's central bank Friday said lower growth and higher unemployment concerns prompted it to cut official interest rates to a historic low of 2.0 percent this week in a bid to spur the economy. Ahead of the conservative government releasing its national budget on Tuesday, May 12, the Reserve Bank of Australia (RBA) said a long-awaited pick-up in non-mining investment, which is holding back the economy, would likely take longer than anticipated. In its quarterly statement on monetary po