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Tuesday, the Reserve Bank of Australia raised the overnight cash rate, its key interest rate, by 25 basis points to 3.75%, in line with expectations.
The central bank pointed out that the economic downturn was relatively mild in Australia, and that measures of confidence and business conditions suggested that the economy was in a gradual recovery.
"With the risk of serious economic contraction in Australia having passed, the Board has moved at recent meetings to lessen gradually the degree of monetary stimulus that was put in place when the outlook appeared to be much weaker," RBA Governor Glenn Stevens said in a statement.
The RBA Board reiterated its assessment of the economic outlook, with growth predicted to be close to trend in 2010 and inflation close to target.
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