- In today’s monthly meeting, Reserve Bank of Australia (RBA) decides to cut interest rate by 25 basis to historic low of 1.25% after leaving the cash rate on hold at 1.50% for almost 3 years
- In RBA’s statement, it stated that “today’s decision to lower the cash rate will help make further inroads into the spare capacity in the economy. It will assist with faster progress in reducing unemployment and achieve more assured progress towards the inflation target”
- It is likely for RBA to have a second cut following today’s 25 basis cut, most likely in August
- The Big 4 banks followed the RBA’s decision, with NAB and Commonwealth pass on the full 0.25% cut whilst ANZ and Westpac pass 0.18% and 0.20% cuts respectively
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