AUSTRALIAN RESERVE BANK CUTS REDISCOUNT RATE The Reserve Bank of Australia this morning cut the rediscount rate from 17.30 pct to 17.00 pct. The rediscount is the rate at which the bank buys back treasury notes. Market sources said the cut reflected the recent easing in market interest rates. They also pointed to yesterday's treasury note tender where the 400 mln dlrs of 13-week notes went at an average yield of 15.473 pct, down from 15.870 last week. The 100 mln dlrs of 26-week notes went at an average 15.414 from 15.790 last week.