The expected cut was 75-points. This is certainly good news for those who are in debts. Most average Australians are in debts (credit card, cars, and houses). How much will the banks pass on the cut? The last few cuts, banks haven't been too generous in passing all 100% of the cuts.Definetely a good Christmas signs but not the best for the minorities who are not in any debts. Falling interest rates means falling bank interets on their cash as well! For those who have been following the market, I'm hoping you guys did fix your interest rate for a period of time to take full advantage of the higher interest rates. Otherwise, it'll be too low! Might be better off invest the money elsewhere.
More rate cuts are expected in the coming months as well. Some say to as low as 3%, some extreme views even say 0%.
Time to use those cash on hand, start getting the bargains!
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