Official interest rate cut to an all time low of 1.5%

The Reserve Bank has cut the official interest rate to an all time low of one-point-five percent.

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The bank has decided to cut the cash rate by one-quarter-of-a-per-cent reflecting concerns about inflation and economic growth.

 

Repayments on a $300-thousand mortgage will drop by around $45 a month on average if retail banks fully pass on the 25-basis-point cut by the Reserve Bank.