The Reserve Bank of Australia decided to finally cut interest rates at their official meeting, lowering the cash rate by 0.25 basis points to 3.25% – the lowest in 3 years.
Despite the Reserve Bank delivering an early Christmas present, only the Bank of Queensland have moved .20 with the other big banks still in discussion. Should the banks decide to pass the cut the decision will see repayments on the average mortgage of $300,000 drop by almost $50 a month.
Take a look at the Interest Rates from January 1992 to October 2012. What are your thoughts about the decision?