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More 2008 rate cuts likely: economists
7-October-08
Written by AAP & Rebecca Lawson
The Reserve Bank of Australia may cut interest rates again by Christmas, after deciding to lower the cash rate by a surprising 100 basis points for the first time in 16 years, economists said.
The RBA board today voted to reduce the rate to six per cent, from seven per cent, taking it back to where it was in November 2006.
It was the first 100 basis point easing since May 1992 and surprised financial markets, which had expected a 50 basis point cut.
RBA governor Glenn Stevens said in a statement that a bigger than usual rate cut was needed to bring down borrowing costs and help Australia weather a downturn in the global economy.
Article continues...
7-October-08
Written by AAP & Rebecca Lawson
The Reserve Bank of Australia may cut interest rates again by Christmas, after deciding to lower the cash rate by a surprising 100 basis points for the first time in 16 years, economists said.
The RBA board today voted to reduce the rate to six per cent, from seven per cent, taking it back to where it was in November 2006.
It was the first 100 basis point easing since May 1992 and surprised financial markets, which had expected a 50 basis point cut.
RBA governor Glenn Stevens said in a statement that a bigger than usual rate cut was needed to bring down borrowing costs and help Australia weather a downturn in the global economy.
Article continues...
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