Australia central bank keeps rates at record low

SYDNEY: Australia’s central bank held interest rates at a record low Tuesday, as it warned that a strengthening local currency was hurting activity in an already soft domestic economy.

The Reserve Bank of Australia has held rates at 1.50 percent for a year, after cutting them by 300 basis points since late 2011 to boost an economy transitioning away from a dependence on mining following an unprecedented investment boom.