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Australia’s central bank lowers its growth forecast

The Reserve Bank of Australia (RBA) has lowered its growth forecast amid a slowdown in the country’s non-mining sectors.

The central bank cut its growth forecast for 2012 to 3 percent from its earlier projection of 3.5 percent.

The move comes just days after the RBA cut rates to 3.75 percent in a surprise move to boost growth.

(Source: BBC News)