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Australia's Central Bank Cuts Rate To 2.75 Percent

"One of the challenges that flows from the higher dollar and our domestic strength is the squeeze on profits for business across our economy caused by that higher dollar," he said.

Despite commodity prices falling as Australia's mining boom cools, the Australian dollar remains high due to demand for government bonds which are viewed by investors as a safe haven and have higher returns compared with U.S. and Japanese government bonds.

Australia is now only one of eight countries with a triple-A credit rating on its debt from all three major rating agencies â¿¿ Standard & Poor's, Moody's Investors Service and Fitch ratings.

The International Monetary Fund said last month that it expects the Australian economy to return to trend growth in 2014, despite the economic damage being caused by a high Australian dollar.

The IMF kept its 2013 growth forecast for Australia at 3 percent. It raised its forecast for 2014 to 3.3 percent from 3.2 percent.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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