Reserve Bank cuts interest rates

[tiga]

Down to 3% now after yesterday's cut. The RBA should've done it on Cup Day rather than waiting another month. Anyway I won't hold my breath waiting for the banks to follow the RBA's lead .

Got my rate cut for the full amount yesterday but I'm with ING and not any of the big boys who always seem to take their bloody time in passing on the rate cuts.

[mightytiges]

Down to 3% now after yesterday's cut. The RBA should've done it on Cup Day rather than waiting another month. Anyway I won't hold my breath waiting for the banks to follow the RBA's lead .

Got my rate cut for the full amount yesterday but I'm with ING and not any of the big boys who always seem to take their bloody time in passing on the rate cuts.

Yep the big boys only pass on the full amount and instantly when rates go up not down . 

[one-eyed]

RBA has cut interest rates by 0.25%. Official rate now down to 2.75%.

[tiger101]

George Soros would of made some coin after taking his $1 billion dollar position on the RBA cutting rates.

The Australian dollar fell in overnight trade on the back of rumours that billionaire US investor George Soros is betting the local currency will fall.
The Aussie dollar slipped from $US1.0284 in late local trade to as low as $US1.0222 in offshore trade as traders reacted to unconfirmed rumours that Mr Soros - who famously shorted the British pound back in 1992 - was planning a raid on the dollar ahead of today's interest rate announcement.
The dollar has since recovered some of its overnight losses and was buying $US1.0253 this morning.
A large number trades shorting* the dollar totalling $US1 billion were placed via Hong Kong and Singapore late Monday, believed to be by Soros Fund Management.

"Someone ... seems to be betting on a rate cut," said one Sydney-based FX trader. "I've heard the George Soros rumour tonight. A billion dollars sounds like a lot, but it's not enough to move the Australian dollar and it's not a lot for George Soros, but there is a play happening  in the FX market.
"If it is him, it's probably a bet on a rate cut. These days a billion bucks can't do much to the Aussie."
ANZ current strategist Andrew Salter said he was aware of the rumour of a short position on the Australian dollar, adding that the "appropriate position to have in the Australian dollar is short given the outlook for world growth and the outlook for the Reserve Bank".
"Our house view for the Australian dollar is for it to remain around $US1.05 to mid-2014. That said, there are building downside risks to that forecast," Mr Salter said.


http://www.smh.com.au/business/markets/is-soros-shorting-the-dollar-20130506-2j3nr.html

[Francois Jackson]

Good for the economy good for business. Not so good for the pensioners.

[WilliamPowell]

Good for the economy good for business. Not so good for the pensioners.

Good for Mortgage holders if you are on a variable rate 

[1965]

Good for the economy good for business. Not so good for the pensioners.

Good for Mortgage holders if you are on a variable rate 

What's a Mortgage?

 

[one-eyed]

RBA has just cut interest rates by 0.25% down to 2.5%.

[Francois Jackson]

Another cut of 0.25%

Cash rate 2.25% and banks charge us 4.75 so its no wonder why they are the most profitable businesses in the country

[one-eyed]

Reserve Bank has cut official interest rates by 0.25% to a new record low of 1.25%.

https://www.news.com.au/finance/economy/interest-rates/rba-slashes-cash-rate-from-record-low-of-15-per-cent-for-first-time-since-2016/news-story/29dc94b821067fd4c5e6d417610d25fa