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RBA cuts official interest rates
At its meeting today, the board decided to reduce the cash rate by a further 100 basis points, to 4.25 per cent, effective 3 December 2008. The futures market is betting the RBA will follow up today’s 100-point reduction with a raft of cuts that will take rates to below 3 per cent by March.
This latest move from the Reserve Bank is a bid to protect the economy from the worst of the global recession. Time will tell the impact that this will have on the local property market.
Paul Castran
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