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Oct 02, 2012

Reserve Bank of Australia cuts the official cash rate by 25 basis points to 3.25 per cent.

image Reserve Bank of Australia cuts the official cash rate by 25 basis points to 3.25 per cent. The cut would result in a reduction of $48 in monthly payment on a $300,000, 25 year mortgage. In response to the rate change The Bank of Queensland reduced their variable rate by 20 basis point to 6.71 percent. The Reserve bank attributed softened global growth and higher currency exchange rates for the rate cut. It pointed out that the economic activity in Europe is declining,and the commodity prices in Australia is lower, compared to the prior year. The major economies like U.S. and China are also not showing good responses.