Interest Rate Cut
At their October meeting, on Tuesday 2/10/12, the Reserve Bank of Australia has bowed to pressure in the face of a worsening outlook for the global economy by announcing a cut to official interest rates of 25 basis points to 3.25 per cent. This is the lowest rate in three years.
Business groups and the retail sector had been calling for the cut but experts had not expected the RBA to move until at least November. The Australian Retailers Associates has reported negative retail growth which it believes is due to consumers being under budget stress.
This is the perfect time to take advantage of the rate cut. We have listed a few tips to get you started.
- Use the extra savings wisely
- Consider investing in the property market
We are yet to see if the Big 4 banks will pass the full rate cut on to their customers.
Watch this space for more information as it comes to hand.Back