RBA Emergency Interest Rate Cut

Amid a slide towards a global recession, the Reserve Bank of Australia (RBA) has held an out-of-cycle emergency meeting.

Earlier today, the RBA cut the cash rate by -25 bps in the wake of the coronavirus crisis and potential economic fallout. The cash rate stands at an all time low of 0.25%.

Fiscally, it will be difficult for banks and lenders to pass on the full rate cut, however in the current environment and with political pressure, it is expected that all will move in full to provide relief to borrowers during this time.

If you are interested in how this impacts you, or the other financial changes as a result of the COVID-19 outbreak (including the impact on investment markets or the Coronavirus Stimulus Package), please contact our firm today.

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