RBA cuts rates by 1%

The Reserve Bank of Australia has responded to the global financial crisis by cutting official interest rates by 1 percentage point to 6 per cent, larger than the widely expected half a percentage point cut.


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Excellent call! Hopefully this will stimulate consumer confidence and get the economy up and bolting again for 2009!

I hope the banks pass on the full cut. Better still I hope the cut helps the credit unions & building societies to start lending again. That will create a little extra competition for the big 4.

Great news for all bank customers & consumers! All we need now is for the banks to pass-on the full benefit to customers which i am sure will restore some confidence and bring about some stability to the markets.

I hope bankwest pass on this rate cut as they didnt pass on the last one.

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