Reserve Bank cuts interest rates

[one-eyed]

The Reserve Bank of Australia today slashed rates by 25 basis points.

Westpac won the race by cutting interest rates by the full 25 basis points less than 20 minutes after the RBA announcement. This will lower its standard variable home loan rate to 7.61 per cent.

Bank of Queensland was next out of the gates to pass on the full rate reduction.

Commonwealth Bank reduced its interest rate on standard variable home loan accounts by 25 basis points to 7.56 per cent. The CBA cut will be effective from November 4.

ANZ Ban and National Australia Bank said their interest rates were under review.

A fall in interest rates to 4.5 per cent has given homeowners a $600 reduction on annual mortgage repayments for a $300,000 loan.

http://www.heraldsun.com.au/news/more-news/tipping-a-melbourne-cup-day-interest-rates-cut/story-fn7x8me2-1226181920277

[1965]

Tony A has come out and said that they should have fallen further and that it is all julia's fault.

 

[Penelope]

 

...on top of completely missing the Melbourne cup, thus saving my money.

[1965]

...on top of completely missing the Melbourne cup, thus saving my money.

Being as old as sin and not having a mortgage...

Am less than thrilled about a drop in interest rates.

Have a thought for all the pensioners out there.

[mightytiges]

Being as old as sin and not having a mortgage...

Am less than thrilled about a drop in interest rates.

Have a thought for all the pensioners out there.

You'll be even less thrilled '65 about today's IR cut down to 4.25%.

The mortgagees live in the marginal seats in the outer suburbs so that's why the pollies love interest rate cuts .

[Penelope]

yeah, baby!

[Francois Jackson]

...on top of completely missing the Melbourne cup, thus saving my money.

Being as old as sin and not having a mortgage...

Am less than thrilled about a drop in interest rates.

Have a thought for all the pensioners out there.

suck it up its good for everyone

[1965]

suck it up its good for everyone

I will cope.

I must admit I would prefer to be mortgage free than be debt.

But there are lots (and lots) of pensioners who will be doing it a little tougher because of this rate fall.

Don't kid youself that it is good for everyone.

 

[Francois Jackson]

suck it up its good for everyone

I will cope.

I must admit I would prefer to be mortgage free than be debt.

But there are lots (and lots) of pensioners who will be doing it a little tougher because of this rate fall.

Don't kid youself that it is good for everyone.

 

good for construction, good for first home owners, good for retail, good for every home owner in the country, good for families, bad for banks

I think i have you covered pal

fall in rates well you should've parked your cash in a term deposit.

[The Big Richo]

Interest rate cuts make me horny.

And a little gassy.

[Francois Jackson]

0.50% rate cut just announced, more like 0.30-0.35 after the banks bend us over

Very necessary IMO.

New Building and Retail need a kick up the arse

[WilliamPowell]

0.50% rate cut just announced, more like 0.30-0.35 after the banks bend us over

Very necessary IMO.

New Building and Retail need a kick up the behind

So true

Because if the banks cut mortgage rates (and there's no guarantee they will) all they will end up doing is putting the rates back to where they were before they (the banks) lifted them outside of what the RBA did for the last couple of months which was leaving the rates un-changed.

[Hellenic Tiger]

NAB only passed on a 0.32% cut.

[Francois Jackson]

NAB only passed on a 0.32% cut.

Ooh but Wayne said to angry Tucker and walk

To tell you the truth he repeats it all the time, but people don't listen. Some people have no idea what their rate is

[Penelope]

bottom line is nobody can do anything about it and the banks know it.

Unlike the US central bank, ours is an independent body, but the banks are wielding more and more power. Supposedly this rate cut was made so big because the reserve bank expects the banks not to pass on the full cut, but are hoping they pass on enough of the cut to stimulate consumer spending.

So as media becomes more concentrated in it's ownership, and thus political influence through corporate progonda increases, so to does the influence of the private banks on the countries economic decisions.

We are still a long way behind the US, but big business is having more and more influence on the running of the country.

Isnt greed a wonderful thing?