| Business News | Friday July 6 2012 9:34
The European Central Bank has cut interest rates to a new record low, at three quarters of a percent.
Both the Chinese and UK central banks also loosened their monetary policy, within an hour of each other.
Business correspondent Roger Kerr says it signals there is some alarm about the direction of global economy.
He says the big surprise was China cutting its interest rates.
"With interest rates at six percent they have a lot of fire power to ease and cut rates further with monetary policy loosening to keep the Chinese economy growing at eight percent in the next few years, that's pretty important for us and our commodity prices."