The Reserve Bank of Australia has delivered an early Christmas gift to borrowers by cutting its key interest rate for the second month in a row.
The central bank cut its cash rate 25 basis points to 4.25 per cent, marking the first back-to-back monthly cuts since April 2009.
If passed along in full by the banks, today’s cut will save the average mortgage holder - with a $300,000, 25-year mortgage - about $47 a month. Retailers had been calling for a rate reduction to help bolster tepid sales heading in the final few weeks of 2011.
Read more: http://www.smh.com.au/business/rbas-christmas-rate-cut-20111206-1ogih.html#ixzz1fjPvNh1n
No comments:
Post a Comment