RBA Cuts Rates
The Reserve Bank of Australia met for its May meeting today (4th May 2016) and decided to cut the official cash rate to an historical low of 1.75%.
With the Australian dollar low and the rate of inflation falling, the RBA said they have made this move in an effort to cut the cost of borrowing and stimulate the economy.
This is the first official rate cut since May last year, and at the time of writing we have already seen the big four banks and other lenders variously pass on the rate cut to their borrowers.
