The Reserve Bank of Australia has jumped on the easing bandwagon, becoming the latest global central bank to cut interest rates in response to slowing inflation and concerns over economic growth. The RBA lowered its benchmark rate by 25 bps - its first change since August 2013 - to a new record low of 2.25%. The news sent the Australian dollar skidding to a six-year low of $0.7650, while the S&P/ASX 200 Index closed up 1.5% at 5,707.37 - its highest close since May 2008.