CANBERRA, Australia (AP) — Australia's central bank has cut its benchmark interest rate by a quarter of a percentage point to a new record low of 1% in a bid to boost the economy.

The cut on Tuesday is the second in consecutive months. Previously the Reserve Bank of Australia had not shifted the rate in almost three years.

The changes were was widely expected after Reserve Bank Governor Philip Lowe said in May that inflation was likely to remain below the bank's target range of 2% to 3% a year and that a decrease in the cash rate would likely be appropriate.