ReserveBankofAustralia
Australia's central bank cut its cash rate a quarter point to an all-time low of 2 percent on May 5, 2015. In this photo, a Sydney businessman walks into the light outside the Reserve Bank of Australia (RBA), in this Feb. 3, 2015 file photo. Reuters/Jason Reed

(Reuters) - Australia's central bank cut its cash rate a quarter point to an all-time low of 2.0 percent on Tuesday, aiming to spur a sluggish domestic economy while keeping downward pressure on the local dollar.

The Reserve Bank of Australia (RBA) made the announcement following its monthly policy meeting. A Reuters poll of 27 analysts had found 20 expected a cut this week.

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