Australia’s central bank on Tuesday reduced its benchmark interest rate by a quarter percentage point for a third time this year to 3.6%, with inflation tamed and economic growth stalling. The Reserve Bank of Australia reduced its cash rate from 3.

The Reserve Bank has followed through on its widely anticipated interest rate cut, announcing a 0.25 percentage point reduction to 3.6 per cent.

Australia's central bank cut interest rates on Tuesday for a third time this year and signaled further policy easing might be needed to meet its inflation and employment goals as the economy lost some momentum.