The Reserve Bank Board met in an emergency meeting today and voted to cut the Official Cash Rate to a new record low 0.25%
The Prime Minister has strongly urged banks to pass on this rate cut in full to support Australian families to cope with the negative financial impact of the COVID-19 pandemic.
The vast majority of banks passed on the full 0.25% rate cut announced earlier this month and borrowers will be pressuring banks to repeat this action.
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