RBA Cuts Interest Rates – Falling Dollar To Benefit Australian Expats
Posted on August 6, 2013 in News
The Reserve Bank of Australia (RBA) announced that they have cut interest rates by 0.25%, reducing the official cash rate to a historic low of 2.50%. This is the lowest the official cash rate has been since 1959. It is the eighth rate reduction in this interest rate cycle which began in November 2011.
The Australian Dollar (AUD) is trading at $0.8924 in response to the move.
This is the first time the central bank has cut interest rates during an election campaign since 1990. The NAB and Bank of Queensland are the first two banks to confirm that they will pass on the full rate cut.