The Reserve Bank Board has voted to reduce the Official cash rate to the new record low level of 1.75%.
This rate cut is in response to recent economic reports confirming lower than expected inflation figures in the Australian Economy.
The good news for borrowers is the majority of banks appear to be passing on the full 0.25% p.a. interest rate cut to borrowers with the except of ANZ Bank which is only passing on 0.15% p.a.
