Now that the RBA has cut the official cash rate, here’s how you can benefit

There’s a debate to be had: the Reserve Bank of Australia could still cut the official cash rate that stands at a record low 1.5 per cent. But will they do it? Even the case for the affirmative.

Borrowers might have to wait until August before getting a rate cut from the RBA, but you can still give yourself an interest rate cut today. The RBA has resisted calls to cut the official cash rate, but will be looking closely at this month’s employment data, whether wages growth remains flat and potentially the next round of inflation.

For the second time in 3 months, the Reserve Bank of Australia (RBA) has once again dropped the official cash rate, this time by 25 basis points to a new record low of 1.5%. Some of the banks have already passed on part of the rate cut! Check out the variable interest rates that we currently have on offer:

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But the most pressing question is whether banks will pass on the full rate cut to borrowers, after pocketing more than 1 per cent of the 3.25 per cent of RBA rate cuts since 2011.

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suggesting the economy could benefit from a further rate cut, ­policy settings are already considered highly stimulatory. Since the easing phase began in November 2011 with a 25 basis-point adjustment.

The Reserve Bank of Australia sets the official cash rate, which is the interest rate for overnight loans provided to banks. The cash rate has a big effect on your home loan, credit card and.

Australia’s official cash rate now sits at 1.25% following a 25 basis points cut Three of the big 4 banks are reducing home loan rates, with CBA and NAB passing on the full 0.25% The RBA remains concerned about unemployment rising, stagnant wages growth and inflation under its target band.

Now that the RBA has cut the official cash rate, here’s how you can benefit Banks have been falling over themselves to cut interest rates ahead of Tuesday’s much-anticipated meeting of the Reserve Bank of Australia.

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Cash Rate. Monetary policy decisions are expressed in terms of a target for the cash rate, which is the overnight money market interest rate. A media release is issued at 2.30 pm after each Reserve Bank Board meeting, with any change in the cash rate target taking effect the following day. (Prior to December 2007,