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Australian Treasurer Rules Out Austerity Measures

Australia's central bank last week cut its key interest rate by a quarter percentage point to a record low 2.75 percent in an effort to boost economic growth and to drive down the Australian dollar that has failed to track down with commodity prices. International investor interest in Australian bonds as a safe haven in global market turmoil has helped keep the currency buoyant.

Most economists were surprised by a fall in Australia's jobless rate in April to 5.5 percent from 5.6 percent in March.

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 This material may not be published, broadcast, rewritten or redistributed.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