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RBA cuts cash rate to new record low – 3 Nov 2020

At its meeting today, the RBA decided to lower the cash rate by 15 basis points to 0.10 per cent.

“Given the outlook for both employment and inflation, monetary and fiscal support will be required for some time,” Governor Lowe said in his statement.

Governor Lowe added the low cash rate is likely here to stay until actual inflation is sustainably within the 2 to 3% target range.

“Given the outlook, the board is not expecting to increase the cash rate for at least three years,” Governor Lowe said.

You can find Philip Lowe’s full Statement here.

 

This is the last rate cut the RBA is able to make before venturing into negative territory (which it’s previously indicated it won’t do).

Of course, the real story is how this may impact you and your loan with regards to the interest you’re charged on your loan.

 

We’ll be back with further updates as to how lenders respond, as the news comes to hand.

 

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