RBA cuts growth and inflation forecasts

The Reserve Bank of Australia reduced the growth and inflation projections amid steeper decrease in the mining investment and said the interest rates will be preserved at the same level. The Central Bank now anticipates the GDP growth to range from 2% to 3% through June 2015. The RBA lowered its inflation projection to 1.75% to 2.75%. Australia's unemployment rate climbed in July to surpass the U.S. level for the first time in nearly eight years.