In good news for the dealers and diggers who work in Australia’s banks and mines, the country’s central bank today cut interest rates by 25 basis points to 3.25%. In its statement, the Reserve Bank of Australia blamed China’s slowdown, the European crisis, modest growth in the US, falling commodity prices and a whole other host of woes that people in the place they call the”lucky country” were mostly unaware of six months back. Independent economist Andy Xie has predicted Australia, which saw a huge influx of foreign investment when China was booming and where house prices have soared for several years, could be the next Spain.