Australia cuts key interest rate to record-low 1.5 percent

SYDNEY (AP) — Australia's central bank cut its benchmark interest rate to a record-low 1.5 percent on Tuesday, in a bid to jolt the nation's sluggish economy amid low inflation rates.

Australia has struggled to diversify its economy after the end of its decade-long mining boom, which helped the nation avoid a recession during the global financial crisis thanks to strong demand from resource-hungry China.

Actions by Chinese policymakers are supporting the near-term growth outlook, but the underlying pace of China's growth appears to be moderating.