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THE Reserve Bank has slashed interest rates by one percentage point to 6 per cent.
The surprise 100 basis point cut comes after conditions in international financial markets "took a significant turn for the worse" in September, the RBA said.
Analysts had tipped a 50 basis point cut.
Originally posted by 04326
Does anyone know if the banks will be passing the cuts down to the ordinary people????
Originally posted by Melbourne_Militia
Say the reserve bank went the other way? say they surpised everyone and raised the interest rate 1 % instead of down, basing their reasons on spiralling inflation rates.
you would curb inflation, but how many people would be forfiting their home loans en-masse?