RBA slashes interest rates
Tuesday October 7, 2008
The Reserve Bank of Australia (RBA) announced today that interest rates will be lowered from 7% to 6% - a full percentage point.
Originally predicted to only fall by 50 basis points, the 100 basis point drop is a welcome one. Australians with variable rate loans could end up saving money as their interest rates are lowered. Unfortunately, it is unlikely they will receive the full cut.
Australian banks have indicated that they will not be passing on the full percentage drop. Instead they will lower their interest rates by a fraction of this amount.
Australia has been affected by the global credit crisis, but this interest rate cut is hoped to prevent Australia feeling further effects. This move is hoped to reduce borrower's costs.
The last time interest rates were cut by a full percentage was in May 1992.
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