Australia's central bank cuts key interest rate to record low

Australia's central bank has cut its benchmark interest rate to a record low, in an attempt to counter slowing growth in the country's mining sector.

The Reserve Bank of Australia (RBA) cut its key rate to 2.75% from 3%.

The bank said it expected investment in the resources sector, one of its biggest drivers of growth in recent times, to peak this year.

It added that a rate cut would provide a boost to other areas of the economy and help sustain long-term growth.