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Now that the RBA has cut the official cash rate, here’s how you can benefit

The RBA now believes there is substantial spare capacity in the. on any rate cuts below an official cash rate of 0.50 to 0.75 per cent. Defying some market expectations of a cut in official rates to reinvigorate growth, RBA governor Philip Lowe said yesterday the central bank’s board had decided at its May meeting to leave the cash.

Why is the RBA Cutting Interest Rates? In simple terms, the cash rate determines the cost to borrow money. If the cash rate is high, it becomes more expensive for banks or other financial institutions to borrow money, while a low cash rate makes lending cheaper.

The RBA remains concerned about unemployment rising, stagnant wages growth and inflation under its target band. The cut should help keep the dollar down, which is good news for exporters; The Reserve Bank of Australia (RBA) has cut official interest rates to just 1.25%.

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If your bank doesn’t pass on the full cut, you’re still in a strong position as there are a wide range of lenders out there. I can help you shop around for a more competitive deal. reference: business insider australia, Now that the RBA has cut the official cash rate, here’s how you can benefit . Disclaimer:

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The RBA cut the official cash rate for the second month in a row at its July meeting to take the official cash interest rate to just 1%. The 25 basis points reduction repeats the June cut and the market believes the RBA may cut by another 25 basis points to just 0.75% later this year.

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Borrowers might have to wait until August before getting a rate cut from the RBA, but you can still give yourself an interest rate cut today. The RBA has resisted calls to cut the official cash rate, but will be looking closely at this month’s employment data, whether wages growth remains flat and potentially the next round of inflation.

Assuming banks cut their rates by 0.25 of a percentage point following the RBA’s most recent cut to rates this month, this could take deposit to its lowest since the mid-1950s, according to an economist. On Tuesday, the reserve bank decided to cut the official cash rate to 1 per cent. This.