Philip Lowe, governor of the Reserve Bank of Australia (RBA), speaks during a hearing before the House of Representatives economics committee in Sydney, Australia. (Photographer: Brendon Thorne/Bloomberg)

Australia Cuts Key Rate to Record Low, Ending Near 3-Year Pause

(Bloomberg) -- Australia cut interest rates for the first time in almost three years to guard against a darkening global backdrop and attempt to revive a slowing economy and tepid inflation at home.