Cash rate cut by RBA

The Federal Member for Cunningham, Sharon Bird, today welcomed the decision of the Reserve Bank of Australia (RBA) to cut the official cash rate by 0.25 percent to 4.5 percent effective from tomorrow.

“This is a good decision by the RBA for Illawarra mortgage-holders and small businesses.

“A family in my electorate with a $300,000 will save about $50 a month in interest repayments, which will save around $590 per year.

“I welcome the fact that some banks have already announced that they will pass on the full extent of the cash rate cut. I encourage all banks to do the same”, Ms Bird said.