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Australian Interest Rates Cut to 50 Year Low

by Marquette Turner

in Features, Money & Business, News & Views

The Reserve Bank of Australia has cut its benchmark rate by 25 basis points/a quarter percentage point to 3%.

Even though most economists expected no change, the rates have been cut to their lowest level since 1960.

The big banks have come under heavy criticism for failing to pass the cut on to home owners, with National Australia Bank keeping its rates steady, Commonwealth cutting theirs by 10 points, as did ANZ and Westpac shortly after.

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Australia’s government announced a $42 billion AUD ($26.5 billion USD) stimulus plan in March as the country desperately attempts to survive the contraction of the global economy and avoid its first recession since 1991.

Simon Turner

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