Borrowers will find a little extra in their stockings this Christmas, after the Reserve Bank of Australia’s decision this week to lower the official cash rate to 4.25 per cent.In his statement announcing the Board’s decision, Reserve Bank Governor Glenn Stevens observed that while last month’s reduction of the official rate has had some influence, the uncertain state of the global economies continues to have a dampening effect on domestic activity.
“The reduction in the cash rate as a result of the Board’s previous decision flowed through to lending rates, which are now around their average level of the past 15 years”, Governor Stevens said.
“Overall, the Board concluded, on the basis of all the available information, that the inflation outlook afforded scope for a modest reduction in the cash rate.
“The Board will continue to set policy as needed to foster sustainable growth and low inflation over time”, he concluded.
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