Oz cuts interest rates again

The Reserve Bank (RBA) has cut interest rates by 0.25 of a per cent (25 basis points) taking the official cash rate to a historic low of 3.00 per cent...

Domain.com.au Spokesperson Anthony Ishac said, "The RBA has responded to deteriorating market conditions with a conservative 25 basis point cut, bringing the cash rate down to a 49 year low.

"The areas of most concern are worsening retail sales and rising unemployment. Despite this action, the major banks have already signalled that this and any future cuts may not be passed on in full to mortgage holders."

Source: www.domain.com.au