RBA cut official cash rate to 4.25%

The Reserve Bank of Australia has dropped the official cash rate by 100 basis points, to 4.25 per cent, following today's monthly board meeting. This is the lowest the cash rate has been in six and a half years.

Today's announcement was the fourth month in a row the RBA has cut interest rates in a bid to try and help the impact of slower world economic growth on an already soft Australian economy.

Most economic advisers were expecting a 0.75 basis point cut, so this full 100 basis point was even more than what the market was expecting.

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Published on December 12-nd, 2008 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.
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