Breaking: RBA makes historic rate cut

Mar 2020 - AU Mortgage News

Australia Home Loans Singapore

RBA announces emergency rate cut.

The Reserve Bank has cut interest rates to a new record low and announced a money printing program for the first time in its history to prevent a recession because of the coronavirus pandemic.

The central bank has reduced official rates to 0.25 per cent.

The Reserve Bank Board held an emergency meeting on Thursday, and released the decision at 2:30pm AEDT.

As Australia’s economy continues to rapidly deteriorate and panicked investors continue wiping billions of dollars of value of the local stock market, Australia’s central bank is using a lever that it had not even used during some of the worst catastrophes in recent history including the global financial crisis and the 9/11 terrorist attacks.

It will also buy Australian government bonds as part of its first ever quantitative easing program.

The RBA will provide a three year funding facility to provide cheap loans for Australian banks.

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