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Australia's economy remained strong throughout the global financial crisis thanks to a mining boom largely fueled by China's demand for iron ore, coal and natural gas. Craig James, chief economist with the Commonwealth Bank of Australia, said the Reserve Bank will probably cut the rate by another quarter percentage point when it meets again in February. Should the European crisis worsen dramatically, he said, the bank may issue an even steeper cut of half a percentage point. "In the global financial crisis, they were quite aggressive with cutting interest rates," James said. "This time around, they're not taking any chances."
[Associated
Press;
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