RBA cuts interest rate for first time in almost three years – Money magazine

* * *The Reserve Bank of Australia (RBA) has cut official interest rates for the first time since August 2016, delivering a 25 basis point reduction in the cash rate in June, leaving it at a new record low of 1.25%.However, that was entirely what almost everyone was expecting.

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On June 4, RBA governor Philip Lowe revealed the cash rate would be slashed by 25 basis points, from a previous low of 1.5 per cent – the first time the official cash rate had been cut in almost three.

On Tuesday afternoon (4 June), the Reserve Bank announced that it was dropping the official cash rate for the first time in almost three years in order to "support employment growth and provide greater confidence that inflation will be consistent with [its] medium-term target".. While many lenders had reduced interest rates in May, following the official cash rate reduction, several.

The RBA followed market consensus and cut interest rates to a new. Bank making the first change in interest rates in almost three years, the. “Just three of the four big banks passed on the full cut last time. adam.zuchetti@ momentummedia.com.au. Money Transfers: Everything You Need To Know.

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The Reserve Bank of Australia (RBA), in favour of further rate cuts, stated that. This was the first time in over three years that the central bank.

The RBA has slashed interest rates in the first cash rate move in almost three years. The move was widely expected, and no doubt the focus will now turn to mortgage rates; how low will they go?

Australia became the largest developed economy to cut interest rates in 2019, lowering borrowing costs for the first time in nearly three years to offset the effects of global trade tensions and a.

Markets had been pricing in the strong prospect of the cut to another. Our exchange rate is one, with the RBA wanting to avoid any. Money Markets. the commonly bench-marked and traded 3 Year Swap Rate below 1.00%.. For the first time since August 2016, The RBA dropped official interest rates.

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RBA cuts interest rates for first time in almost three years June 4, 2019 4:30 pm in National by Matt McDonald UPDATE @ 4.30PM: NAB has announced it will also pass on today’s interest rate cut.