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RBA Cuts Rates By 1 Percent
3 February 2009 |
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| At its meeting today, the Board decided to reduce the cash rate by a further 100 basis points, to 3.25 per cent, effective 4 February 2009.
There was a significant deterioration in world economic conditions late in 2008. The effects on household and business confidence of the financial turmoil following Lehman’s collapse, and continuing strains on major financial institutions, saw a significant downturn in demand around the world. As a result, the major advanced economies contracted sharply in the December quarter, as did a number of emerging market economies. The Chinese economy, though still growing, has slowed markedly. Global inflation, having reached high rates during the middle of 2008, is now declining.
Measures to stabilise financial systems have contributed to an improvement in the functioning of credit markets over the past couple of months. This, in conjunction with expansionary macroeconomic policy measures being taken around the world, should assist in promoting global recovery over time. But the near-term outlook for the global economy is the weakest for many years.
Economic conditions in Australia have also been affected, though less than in other advanced economies. Australia’s financial system remains in a strong condition and large interest rate reductions over recent months have been passed through in substantial measure to end borrowers. Nonetheless, the combination of last year’s financial turmoil, a severe global downturn and substantial falls in commodity prices has had a significant dampening effect on confidence, and therefore on prospects for growth in demand. Inflation has begun to moderate and, given recent developments, it is likely to continue to decline.
In these circumstances, the Board judged that a further sizable reduction in the cash rate was appropriate, to give further support to demand. In making its decision, the Board took into account the package of measures announced by the Government earlier today. The combination of expansionary monetary and fiscal policies now in place will help to cushion the Australian economy from the contractionary forces coming from abroad.
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| 27 February 2009 | - Rich retirees to pay for pension boost |
| | - Finance company to pay fine |
| | - Credit crisis to hit mainstream personal customers |
| | - Commissioned financial advice rip off |
| | - CBA targets first home buyers online |
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| 26 February 2009 | - Tax Office says no BAS required from fire, flood a |
| | - St. George cuts fixed rate loans |
| | - RHG milks profits with high rates |
| | - Mortgage Choice says housing will bounce |
| | - Building societies deny negative outlook |
| | - Bankwest customers get CBA ATMs |
| | - ANZ profit down, bad debts up |
| | - Age pension up but mums miss out |
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| 25 February 2009 | - Unclear definition on what constitutes a recession |
| | - Pokies are a bad investment |
| | - PayPal told to freeze fees |
| | - Investors lose faith in advice, markets, life |
| | - Grants provide glimmer of hope for home buyers |
| | - CBA rides to rescue of (some) Wizard customers |
| | - $75K for fire victims from banks, charity, govt |
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| 24 February 2009 | - Housing market set for a gloomy year |
| | - No more big rate cuts |
| | - CBA factors in future rate rises |
| | - ANZ offers share fund to online savers |
| | - Suncorp to say no to breakup plan |
| | - St George still favourite bank for business |
| | - Fixed rate loans offer value to investors |
| | - Depositors face new ATM fees |
| | - ATM fee free networks emerge |
| | - ANZ wants to lend more to small business |
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| 23 February 2009 | - Crackdown on small ASX listed companies |
| | - Smart investing creates wealth for average workers |
| | - Households look to get debt under control |
| | - Credit card holders pay down debt |
| | - CBA, NAB, ANZ tighten up on first home buyers |
| | - CBA, Citi grant fee relief to ATM customers |
| | - Sydney, Melbourne auctions still sick |
| | - Shortfall on business lending rates |
| | - Ruddbank won’t save bad business |
| | - Perth suburb is richest in Australia |
| | - Adelaide, Brisbane auctions on life support |
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| 20 February 2009 | - Wizard borrowers miss out on rate cuts |
| | - Small business waits for government cash |
| | - RediATM network set for expansion |
| | - Package up for a five per cent mortgage |
| | - Deposits up 70 per cent at AMP |
| | - Depositors to pay $200 million more for ATM access |
| | - Centrelink hoax email scam warning |
| | - Aussie banks rake in profits |
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| 19 February 2009 | - Tax office says pay the builder now |
| | - Online account rewards savers with gifts |
| | - More borrowers getting into trouble says Westpac |
| | - Macquarie investors revolt |
| | - Investors win super concessions |
| | - Deposits and margins up at Westpac |
| | - Consumer lender tightens up loan criteria |
| | - Card holders like mobile phone payments |
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| 16 February 2009 | - Smart borrowers can save $130,000 |
| | - Community banks lose community money |
| | - Bushfire cash starting to flow |
| | - Aussie targets cards and loans |
| | - $5 ATM fees coming |
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| 13 February 2009 | - Stimulus now, tax hikes later |
| | - Small debts cripple the unemployed |
| | - Rate cuts fund NAB's californian weekend |
| | - No interest charges for fire victims |
| | - CBA, Westpac seen as less risky than ANZ, NAB |
| | - Big credit union passes on rate cut |
| | - Banks, Credit Unions grab mortgage market share |
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| 12 February 2009 | - Margin lending declines at Commonwealth |
| | - High rents luring investors back |
| | - Floods, fires create fruit and vegie shortage |
| | - Depositors seek safety in majors |
| | - Commonwealth open for home loan business |
| | - CBA needs to keep future rate cuts |
| | - Car loan fraudsters frozen |
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| 11 February 2009 | - ME Bank bucks the trend of rate cuts |
| | - Small business rates coming down. |
| | - No receipt needed for small donations |
| | - Fire donations soar and attract fraudsters |
| | - Commercial borrowers pay more, wait longer |
| | - BankWest boosting Commbank |
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| 04 February 2009 | - Westpac, ANZ pass on full rate cut |
| | - RBA, government plough $6,000 into families |
| | - Depositors struggle to get five per cent |
| | - WA gets big housing boost |
| | - More rate cuts on the way |
| | - Equity release alternative to reverse mortgage |
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| 03 February 2009 | - Westpac commits to 100 basis point cut |
| | - Home Loan Rate Update |
| | - Rate cuts to keep on coming |
| | - Property sales and prices slump |
| | - CBA has $2.5 billion in bad debts |
| | - BoQ increases card interest free periods |
| | - Aussie banks benefit from financial crisis |
| | - Another car lender crashes |
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| 02 February 2009 | - Virgin not going anywhere |
| | - Total lending falls for first time since 92 |
| | - RBA may cut by 1.5 per cent |
| | - Deposits way up at ME, Investec, MacBank |
| | - Deposits boom at bank of Queensland |
| | - CBA, ANZ toughest on business rate cuts |
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