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02 December 2008

Reserve Bank of Australia cuts interest rates by a full One Percent!

The Reserve Bank of Australia has reduced their official cash rate by a 100 basis points or 1%. A minimum drop of 0.75% was widely expected, with some economists predicting a smaller, 0.5%.

The early RBA Christmas present to Australians reduces the official cash rate to just 4.25%. The cash rate was last this low for Christmas of 2001. Rates could further reduce into mid-2009, with some pundants saying the cash rate may reach 3%; a level not seen since March of 1960.

Yours in Property

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