Is this as low as interest rates can go?
The Reserve Bank of Australia has cut official interest rates by 0.25 percentage points to 2.0 per cent. This is a new record low setting for interest rates in Australia.
Westpac economist Bill Evans said rates are likely to be on hold now for some time.
HSBC economist Paul Bloxham said the RBA was probably done cutting rates for now and JP Morgan economist Stephen Walters said the RBA had suggested that the rate cutting cycle “ends today”.
The RBA’s rate cut is estimated to save the average homeowner about $46 per month on a¬ $300,000 mortgage.
Source: Herald Sun