Australia central bank cuts rates to record-low 2% to spur sluggish economy

Pedestrians crossing a road in the Sydney CBD on March 3, 2015. Australia's central bank cut its cash rate a quarter point to an all-time low of 2.0 per cent on Tuesday, aiming to spur a sluggish domestic economy while keeping downward pressure on th
Pedestrians crossing a road in the Sydney CBD on March 3, 2015. Australia's central bank cut its cash rate a quarter point to an all-time low of 2.0 per cent on Tuesday, aiming to spur a sluggish domestic economy while keeping downward pressure on the local dollar. -- PHOTO: AFP 

SYDNEY (Reuters) - Australia's central bank cut its cash rate a quarter point to an all-time low of 2.0 per cent on Tuesday, aiming to spur a sluggish domestic economy while keeping downward pressure on the local dollar.

The Reserve Bank of Australia (RBA) made the announcement following its monthly policy meeting. A Reuters poll of 27 analysts had found 20 expected a cut this week.