Australia Sees Record-breaking Cut in Interest Rates

The latest cut to interest rates sees Australia’s cash rate at the lowest it has ever been since official records began in 1959. At just 2.75 per cent, the record-breaking rates are sure to be celebrated by property investors who are looking for finance deals that will offer them a substantial return on their money in years to come.

The cash rate is now 175 basis points lower than it was when the Reserve Bank of Australia (RBA) began its current course of cuts in November 2011, reports Australian Property Investor.

The cuts come as the RBA made the decision to shave another 25 basis points off interest rates. While the move was several months in the making, many industry insiders and experts have been predicting the cut, especially in light of March’s lower than expected house price growth rates.

RBA Governor Glenn Stevens said that the effects of the cuts are starting to be seen throughout the economy and that the board has already established the potential for the rates to be further lowered, should it be necessary to lower demand. A reduction of a further 25-50 basis points is expected by a number of analysts and commentators.

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