BREAKING NEWS | The reserve bank of Australia has slashed interest rates by 0.25 per cent to an all-time-low of 0.5 per cent in response to mounting concerns about the economic impact of the coronavirus and previous bushfire crisis.
“The global outbreak of the coronavirus is expected to delay progress in Australia towards full employment and the inflation target,” the RBA governor, Philip Lowe, said.
Westpac immediately followed the Reserve Bank of Australia’s historic decision to cut interest rates to a new record low, passing on the 25 basis point cut in full to its home loan customers.
Within minutes, this was followed by rival Commonwealth Bank whose customers will also see the entirety of this afternoon’s cut passed on to their mortgage repayments, followed soon after by NAB.
ANZ was the last of the big four banks to announce it would pass on the cut, announcing it would cut its variable rates by 0.25 per cent to 0.35 per cent. Smaller lenders Macquarie, NEO Bank and Athena Home Loans also passed on the cut in full.