INTEREST RATE HITS RECORD LOW OF 1.50 PER CENT
Written on the 2 August 2016
THE Reserve Bank of Australia has taken the cash rate down 25 basis points to a record low of 1.50 per cent at its meeting today, a move that has been welcomed by the construction and retail industries.
Eyes are now on the banks to see if they pass the rate cut on to consumers. Commonwealth Bank today decreased its standard variable mortgage rate by 13 basis points, while NAB made a 10 basis point cut.
HIA Chief Economist, Dr Harley Dale, welcomed the decision, saying it would assist the building industry as it peaks this year, and attempts to make a soft landing.