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RBA cuts rates by 1%
7-October-08
Written by AAP & Rebecca Lawson
The Reserve Bank of Australia has responded to the global financial crisis by cutting official interest rates by 1 percentage point to 6 per cent, larger than the widely expected half a percentage point cut.
"At its meeting today, the board decided to lower the cash rate by 100 basis points to 6.0 per cent, effective 8 October 2008," RBA governor Glenn Stevens said in a statement.
It is the first 100 basis point cut to the cash rate since May 6, 1992, when the RBA lowered the cash rate to 6.50 per cent.
Article continues...
7-October-08
Written by AAP & Rebecca Lawson
The Reserve Bank of Australia has responded to the global financial crisis by cutting official interest rates by 1 percentage point to 6 per cent, larger than the widely expected half a percentage point cut.
"At its meeting today, the board decided to lower the cash rate by 100 basis points to 6.0 per cent, effective 8 October 2008," RBA governor Glenn Stevens said in a statement.
It is the first 100 basis point cut to the cash rate since May 6, 1992, when the RBA lowered the cash rate to 6.50 per cent.
Article continues...
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