RBA Cuts Cash Rate

Posted on August 8th, 2013 · Posted in News

The Reserve Bank of Australia has announced a 25 basis point cash rate reduction, bringing the official interest rate down to a record low 2.5%.

A speech made late last week by RBA governor, Glenn Stevens, indicated another rate reduction was on the cards, with Stevens admitting the RBA was becoming increasingly concerned about major areas of the Australian economy, particularly the passing of mining and credit growth ‘booms’.

We now wait to see which lenders will pass on the rate cut and whether or not they do so in full.

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