The Australian sharemarket has closed weaker as the big miners were dragged down by a five-year low in the iron ore price, with investors cautious over foreign crises and geopolitical risks. At the 4. 15pm (AEST) official market close, the benchmark S&P/ASX200 index was down 24. 8 points, or 0. 44 per cent, to 5,631. 3, while the broader All Ordinaries index fell 22. 5 points, or 0. 4 per cent, to 5,632. 1.
He said the Reserve Bank's decision to keep the cash rate on on Tuesday showed the economy doesn't seem to be responding as quickly as some would hope to low-interest rates. "We have also have to look at [the crises] happening in the Ukraine and the Middle East.
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