AUSSIES REACT QUICKLY TO GLOBAL FINANCIAL CRISIS

From the Australian THE Reserve Bank cut interest rates by 100 basis points today, in a bid to shield the Australian economy from the global wreckage.The bigger-than-expected reduction in official rates to 6.00 per cent was the largest cut in rates by the Reserve Bank since May 1992. The stock market, which had been battered earlier by a rout on northern hemisphere bourses overnight, rallied into positive territory after the shock move. Reserve Bank governor Glenn Stevens said conditions in international financial markets took a “significant turn for the worse” last month.

More here