<a href="https://www.wionews.com/world/trump-asked-australia-for-help-discrediting-russia-probe-252947">Australia's</a> central bank on Tuesday lowered the cost of borrowing, slashing interest rates for the third time this year amid fears about the flagging domestic economy.

The Reserve Bank of Australia announced it had cut rates by another 25 basis points to 0.75 per cent, a decision that brings the country's interest rates to a historic new low.

The move is part of efforts to extend a record 28-year run without a recession, in the face of increasing economic headwinds that include stagnant employment levels, low wage growth and high household debt.

Resource-rich Australia dodged the worst of the financial crisis but the economy recently recorded its weakest annual growth in a decade, expanding just 1.4 percent in the year to June.

RBA governor Philip Lowe said the decision to lower the cash rate was designed to "support employment and income growth and to provide greater confidence that inflation will be consistent with the medium-term target".&nbsp;

"The economy still has spare capacity and lower interest rates will help make inroads into that," he said in a statement following the bank's monthly policy meeting.

Lowe has forecast an "extended period" of low interest rates will be necessary to achieve full unemployment and reach the bank's inflation target, with the bank remaining "prepared to ease monetary policy further if needed".

Australia is also feeling the impact of<a href="https://www.wionews.com/opinions/us-china-trade-war-points-to-the-real-crisis-that-global-leaders-must-confront-at-g20-summit-231112"> US-China trade tensions</a>, which have rattled the global economy as central banks worldwide attempt to offset economic risks by lowering rates.

One bright light identified by Lowe, however, were recent signs of a turnaround in the Sydney and <a href="https://www.wionews.com/world/video-major-fire-breaks-out-in-melbourne-warehouse-no-casualties-162434">Melbourne</a> housing markets after a prolonged slump.

The Australian stock exchange moved slightly higher on the news, with the All Ordinaries reaching above 6,834 in afternoon trade, while the dollar was buying US$0.6728.

Australia's central bank on Tuesday lowered the cost of borrowing, slashing interest rates for the third time this year amid fears about the flagging domestic economy.

Australia's central bank on Tuesday lowered the cost of borrowing, slashing interest rates for the third time this year amid fears about the flagging domestic economy. The Reserve Bank of Australia announced it had cut rates by another 25 basis points to 0.75 per cent, a decision that brings the country's interest rates to a historic new low. The move is part of efforts to extend a record 28-year run without a recession, in the face of increasing economic headwinds that include stagnant employment levels, low wage growth and high household debt. Resource-rich Australia dodged the worst of the financial crisis but the economy recently recorded its weakest annual growth in a decade, expanding just 1.4 percent in the year to June. RBA governor Philip Lowe said the decision to lower the cash rate was designed to "support employment and income growth and to provide greater confidence that inflation will be consistent with the medium-term target". "The economy still has spare capacity and lower interest rates will help make inroads into that," he said in a statement following the bank's monthly policy meeting. Lowe has forecast an "extended period" of low interest rates will be necessary to achieve full unemployment and reach the bank's inflation target, with the bank remaining "prepared to ease monetary policy further if needed". Australia is also feeling the impact of US-China trade tensions, which have rattled the global economy as central banks worldwide attempt to offset economic risks by lowering rates. One bright light identified by Lowe, however, were recent signs of a turnaround in the Sydney and Melbourne housing markets after a prolonged slump. The Australian stock exchange moved slightly higher on the news, with the All Ordinaries reaching above 6,834 in afternoon trade, while the dollar was buying US$0.6728.

Australia's central bank cuts rates to new record low

The Government of India is looking for 10 Joint Secretaries from the private sector.&nbsp;

"Government is looking for ten (10) outstanding individuals with expertise in the areas of Revenue, Financial Services, Economic Affairs, Agriculture, Cooperation & Farmers’ Welfare, Road Transport & Highways, Shipping, Environment, Forests and Climate Change, New & Renewable Energy, Civil Aviation and Commerce," a notification from the Department of Personnel and Training said.&nbsp;

Candidates are expected to be graduates, over 40 years of age, and with a minimum of 15 years of experience in the aforementioned fields.&nbsp;

The 10 applicants who get the jobs will be given three-year contracts, which can be extended up to 5 years.&nbsp;

They will be paid Rs 1.44 lakh to Rs 2.18 lakh a month, over and above which they will be given government housing&nbsp;and, if required, a vehicle.&nbsp;

The last date to apply to the posts is July 30.&nbsp;

There is currently a shortage of Joint Secretary-level officers at the Centre and a Committee of Secretaries (CoS) had last year recommended the lateral entry of professionals to make up the shortfall.&nbsp;

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It's an endeavour to get the best from whichever source available. It's motivated with focus on allowing every Indian citizen a fair chance to ensure their growth depending on their potential: MoS PMO Jitendra Singh on GoI notification for lateral entry of 10 positions as Jt Secy <a href="https://t.co/5nuFa9egAj">pic.twitter.com/5nuFa9egAj</a>
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The 10 Joint Secretaries will be hired in the areas of Revenue, Financial Services, Economic Affairs, Agriculture, Cooperation & Farmers’ Welfare, Road Transport & Highways, Shipping, Environment, Forests and Climate Change, New & Renewable Energy, Civil Aviation and Commerce

The Government of India is looking for 10 Joint Secretaries from the private sector. "Government is looking for ten (10) outstanding individuals with expertise in the areas of Revenue, Financial Services, Economic Affairs, Agriculture, Cooperation & Farmers’ Welfare, Road Transport & Highways, Shipping, Environment, Forests and Climate Change, New & Renewable Energy, Civil Aviation and Commerce," a notification from the Department of Personnel and Training said. Candidates are expected to be graduates, over 40 years of age, and with a minimum of 15 years of experience in the aforementioned fields. The 10 applicants who get the jobs will be given three-year contracts, which can be extended up to 5 years. They will be paid Rs 1.44 lakh to Rs 2.18 lakh a month, over and above which they will be given government housing and, if required, a vehicle. The last date to apply to the posts is July 30. There is currently a shortage of Joint Secretary-level officers at the Centre and a Committee of Secretaries (CoS) had last year recommended the lateral entry of professionals to make up the shortfall. It's an endeavour to get the best from whichever source available. It's motivated with focus on allowing every Indian citizen a fair chance to ensure their growth depending on their potential: MoS PMO Jitendra Singh on GoI notification for lateral entry of 10 positions as Jt Secy pic.twitter.com/5nuFa9egAj — ANI (@ANI) June 10, 2018 ×

Government of India looking for 10 Joint Secretaries from private sector

Currencies in 500, 200 and 100 denominations are comfortable mode for transactions and the printing of Rs 500 notes have been ramped-up to about Rs 3,000 crore everyday to take care of extra demand, economic affairs secretary Subhash Chandra Garg said.

He said the cash situation in the country is "quite comfortable" and extra demand is being fully met.

Speaking to PTI, Garg also said the fundamentals of economy does not call for an interest rate hike at the moment as there has not been any "disproportionate rise in inflation" or "extra ordinary growth in output".

The secretary said he had reviewed the cash situation in the country last week and 85 per cent of the ATMs was functional.

"Overall in the country, I think its (cash situation) quite comfortable. There is enough cash which is being supplied and there is extra demand which is being fully met. I don't think there is any cash related crisis or problem at this point of time," Garg said.

There are about Rs 7 lakh crore of Rs 2,000 notes in circulation, which is more than adequate and and so no new Rs 2,000 notes are being issued.

"500 and 200 and 100 rupee note is people's medium of transaction. That's what people use, people don't find Rs 2,000 rupee note as a very comfortable medium for making transaction. 500 rupee notes is very adequately supplied. We have ramped up production to the level that it is about Rs 2,500-3000 crore a day. So, that is much more than any demand. People's need for transaction is being taken care of by these," he said.

The Reserve Bank has been strengthening the security features of currency notes to ensure that they are not duplicated.

"In last 2.5 years, there has been much less instances, almost non existent instances, of high quality fake notes being reported in the country. But still RBI keeps on reviewing, finding out, adding new features," Garg said.

Asked about a monetary policy committee member favouring withdrawal of accommodative stance, he said: "We should go by what the real numbers are. Have you seen disproportionate rise in inflation numbers? Have you seen extra ordinary growth in output which has reduced the output gap substantially? No. So, one should go by the fundamentals and wait for next policy announcement".

The next meeting of MPC is scheduled on June 4-5.

The six-member Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel, had last month left the benchmark repo rate unchanged at 6 per cent for the third time in a row.&nbsp;

As per the minutes of the MPC meeting, RBI Deputy Governor Viral Acharya favoured withdrawal of monetary accommodation in the next policy review meet.

The retail inflation in March slipped to a 5 month low of 4.27 per cent on account of decline in food prices.

The RBI has revised downwards forecast for retail inflation to 4.7-5.1 per cent for April-September and 4.4 per cent for October-March.

"If there is any real situation where inflation seems to overshoot, RBI does have a statutory mandate to keep the inflation around 4 per cent, so they would take the most appropriate steps for that. But is the situation there? That is the situation we need to see," Garg said.&nbsp;

Economic affairs secretary said the cash situation in the country is "quite comfortable" and extra demand is being fully met.

Currencies in 500, 200 and 100 denominations are comfortable mode for transactions and the printing of Rs 500 notes have been ramped-up to about Rs 3,000 crore everyday to take care of extra demand, economic affairs secretary Subhash Chandra Garg said. He said the cash situation in the country is "quite comfortable" and extra demand is being fully met. Speaking to PTI, Garg also said the fundamentals of economy does not call for an interest rate hike at the moment as there has not been any "disproportionate rise in inflation" or "extra ordinary growth in output". The secretary said he had reviewed the cash situation in the country last week and 85 per cent of the ATMs was functional. "Overall in the country, I think its (cash situation) quite comfortable. There is enough cash which is being supplied and there is extra demand which is being fully met. I don't think there is any cash related crisis or problem at this point of time," Garg said. There are about Rs 7 lakh crore of Rs 2,000 notes in circulation, which is more than adequate and and so no new Rs 2,000 notes are being issued. "500 and 200 and 100 rupee note is people's medium of transaction. That's what people use, people don't find Rs 2,000 rupee note as a very comfortable medium for making transaction. 500 rupee notes is very adequately supplied. We have ramped up production to the level that it is about Rs 2,500-3000 crore a day. So, that is much more than any demand. People's need for transaction is being taken care of by these," he said. The Reserve Bank has been strengthening the security features of currency notes to ensure that they are not duplicated. "In last 2.5 years, there has been much less instances, almost non existent instances, of high quality fake notes being reported in the country. But still RBI keeps on reviewing, finding out, adding new features," Garg said. Asked about a monetary policy committee member favouring withdrawal of accommodative stance, he said: "We should go by what the real numbers are. Have you seen disproportionate rise in inflation numbers? Have you seen extra ordinary growth in output which has reduced the output gap substantially? No. So, one should go by the fundamentals and wait for next policy announcement". The next meeting of MPC is scheduled on June 4-5. The six-member Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel, had last month left the benchmark repo rate unchanged at 6 per cent for the third time in a row. As per the minutes of the MPC meeting, RBI Deputy Governor Viral Acharya favoured withdrawal of monetary accommodation in the next policy review meet. The retail inflation in March slipped to a 5 month low of 4.27 per cent on account of decline in food prices. The RBI has revised downwards forecast for retail inflation to 4.7-5.1 per cent for April-September and 4.4 per cent for October-March. "If there is any real situation where inflation seems to overshoot, RBI does have a statutory mandate to keep the inflation around 4 per cent, so they would take the most appropriate steps for that. But is the situation there? That is the situation we need to see," Garg said.

Rs 500 notes worth Rs 3,000 crore printed every day: Economic affairs secretary

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