RBA LOWERS INTEREST RATES FOR FIRST TIME IN FOUR YEARS | RELIEF FOR BORROWERS

The Reserve Bank of Australia (RBA) has lowered interest rates for the first time in over four years,

Announcing its decision this afternoon, the RBA board stated that the cash rate target will decrease by 25 basis points

For an average Australian mortgage holder, this reduction means a $92 decrease in monthly repayments on a $600,000 loan.

Presenting the board’s monetary statement, RBA Governor Michele Bullock stated that this was the right moment to introduce economic stimulus.