The Reserve Bank has stunned financial markets by announcing a full-percentage point cut - double what analysts had tipped - saying financial markets had taken a "significant turn for the worse.''
Australia's official lending rate was lowered for a second consecutive month, although it is unclear how much of the 100 basis-point cut will be passed on to mortgage-holders and other borrowers as banks struggle to raise funds in overseas money markets.
Now just watch the banks keep it all for themselves!
Australia's official lending rate was lowered for a second consecutive month, although it is unclear how much of the 100 basis-point cut will be passed on to mortgage-holders and other borrowers as banks struggle to raise funds in overseas money markets.
Now just watch the banks keep it all for themselves!
