Coming Up Fri 6:00 PM  AEST
Coming Up Live in 
Live
Bulgarian radio
SBS BULGARIAN

The Reserve Bank of Australia has reduced the cash rate to a record low 1.25 per cent

Australians will be absolutely filthy at any bank which does not pass on the rate cuts

Some banks refused to pass on the full cut in official interest rates

The Reserve Bank of Australia has reduced the cash rate to a record low 1.25 per cent

Political leaders have told bank bosses they should pass on the full cut in official interest rates to customers or risk Australians doubting they've changed their ways since the banking royal commission.

The Reserve Bank of Australia (RBA) has reduced the cash rate to a record low 1.25 per cent.

The official cash rate, which reflects what the central bank charges commercial banks on overnight loans and influences other interest rates, had sat at a record low of 1.5 per cent since August 2016.

Now that the RBA has lowered the rate to the new low of 1.25 per cent, borrowers with an average home loan of 400-thousand dollars would save about 58 dollars on their monthly repayments if the cut was fully passed on.

Despite there being no legal obligation for banks to lower interest rates on loans or credit cards in line with the cash rate, treasurer Josh Frydenberg has urged the four big banks to pass on the benefits of a lower rate in full.

Coming up next

# TITLE RELEASED TIME MORE
The Reserve Bank of Australia has reduced the cash rate to a record low 1.25 per cent 07/06/2019 05:50 ...
Another witch hunt 16/09/2019 07:44 ...
Folklore is uniting the Bulgarians in Australia and New Zealand 10/09/2019 12:32 ...
Miraculous sport summer for Australia and Bulgaria 10/09/2019 07:02 ...
Liberation or occupation? 10/09/2019 07:49 ...
Who will win the municipal elections? 04/09/2019 07:13 ...
Is the age barrier to learning a language? 04/09/2019 12:38 ...
Happy father's day daddy! 02/09/2019 03:29 ...
The seemingly strange songs that amaze 02/09/2019 02:51 ...
The world is art 02/09/2019 09:38 ...
View More