RBA lowers interest rates to 3%

RBA lowers interest rates to 3%

The Reserve Bank of Australia has cut interest rates today by 25 basis points, to 3 per cent.

The decision is in line with a number of economists predictions who predicted a cut to the cash rate as a buffer against falling commodity prices.

The official cash rate is now at its lowest point since October 2009, at the peak of the Global Financial Crisis, and Federal Treasurer Wayne Swan says it a reflection of the good work the government is doing, to keep the economy strong.

But Shadow Treasurer Joe Hockey says the opposite is true, and the RBA has been forced to lower interest rates to emergency levels, because the government is failing to address the deterioration of the non-mining sector of the economy. 

The Bank of Queensland has become the first to announce a cut to its own mortgage rate by 0.2 per cent.

Prime Minister Julia Gillard is urging the Big 4 banks to pass the rate cut on in full.

About author

Libby Dreyer
Libby Dreyer 1729 posts

Libby has worked as a Senior Journalist at National Radio News since February 2011. She graduated with a Bachelor of Journalism from the University of Canberra in December 2010.

View all posts by this author →

You might also like

National 0 Comments

ACT election result yet to be decided

The result of the ACT election won’t be known for up to a week, with the Liberals and Labor both looking to the Greens to form a minority government.

National

Terror charges dropped against Melbourne teen

Zoe Philip Charges have been dropped against the Melbourne teenager accused of plotting the Anzac Day terrorism attack. Prosecutors today announced in the magistrates’ court that the charges of planning

National

ASADA and Essendon ruling due today

The federal court dispute between ASADA and AFL club Essendon will be decided on today.

Challenge launched against Manus Island processing

A legal challenge has been launched against Australia’s asylum seekers processing centre on Manus Island.

0 Comments

No Comments Yet!

You can be first to comment this post!