Interest rates slashed
Tuesday February 3, 2009
At 2.30pm, the RBA announced that they have lowered interest rates by 100 basis points to 3.25 percent. Interest rates have been cut by 400 basis points since September 2008 in attempts to help boost Australia's sluggish economy.
This makes Australian interest rates the lowest they have been since 1964, a 45 year low.
Prime Minister Kevin Rudd and Treasurer Wayne Swan have urged Australian banks to pass on the interest rate cut to homeowners in a 'timely way'. Australian banks are currently considering potential interest rate cuts. Nothing has been announced yet.
The Reserve Bank considered $42 billion stimulus package when considering the interest rate issue. This stimulus package was announced by the Government this morning. The stimulus package has been designed to help boost the economy and may help the Australian economy avoid the overseas economy woes.
If the banks pass on the full 1 percent, homeowners with an average $250,000 on variable mortgages will see potentially $162 taken off their monthly payments.
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