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SBS news with Jessica Amir: RBA’s rate cut decision & CSL now the largest ASX company
On Tuesday 3 March, the Reserve Bank cut the official interest rate to a new record low of 0.5%, to combat a slowing economy, weakened also by the coronavirus outbreak. The RBA said ‘once the coronavirus is contained, the Australian economy is expected to return to an improving trend’. The interest rate drop pushed CSL to the leader board, and the health company became the largest stock on the ASX, overtaking the Commonwealth Bank of Australia.
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