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Reserve Bank cuts interest rates by .25 percent

Posted by: 3AW NEWS | 4 December, 2012 - 3:05 PM
Reserve bank

The Reserve Bank of Australia has delivered a pre-Christmas interest rate cut reducing the official cash rate by .25 percent to 3 percent.

It's the lowest the cash rate has been since early October 2009, during the global financial crisis.

The big Banks not have not yet said if they will pass on the cut in full, but Federal Treasurer Wayne Swan says there is no reason that they wouldn't.  

"The fact is they should be passing the cut on in full, and I think their customers would rightly be very angry if they don’t see the pass rate in full,"

"And that's one of the reasons why for example we've abolished mortgage exit fees and we've made it much easier for people to switch their deposit accounts" he told Nick McCallum on 3AW Drive.

LISTEN: Federal Treasurer Wayne Swan speaks with Nick McCallum

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Blog comments Your Say

  • Swan will come out beating his chest about how good we are going the fact is interest rates only drop when the economy is starting to slow>!

    Steve Tuesday 4 December, 2012 - 3:59 PM

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