The Reserve Bank of Australia (RBA) has cut interest rates for the first time since April 2009, handing borrowers a win on Melbourne Cup Day.
The central bank eased the official cash rate by 25 basis points, down to 4.5 per cent.Westpac and Commonwealth Bank were the first of the major banks to pass on the full 25-basis point cut to borrowers on Tuesday afternoon.
NAB and ANZ both said they were reviewing their rates following the decision.
Prime Minister Julia Gillard says all banks should match the RBA's reduction.
"Australian banks should pass on this interest rate cut in full," Ms Gillard said.
Read more:
http://www.abc.net.au/news/2011-11-01/rba-rates-decision/3612652?section=business
ONE of the nation's big four banks expects the Reserve Bank will soon slash interest rates, while some of Australia's most prominent businessmen have warned that the European debt crisis and struggling Australian households are slamming the economy into reverse.
ReplyDeleteGeoff Elliott, Business editor
From:The Australian
July 16, 201112:00AM