Reserve Bank cuts rates, retail banks to follow

Sep 2nd, 2008 | By David Harper | Category: Australia

The Australian: The Reserve Bank cut interest rates for the first time in nearly seven years in a move that should save households about $50 a month.

The news was followed swiftly by announcements that the four major commercial banks – Commonwealth Bank of Australia, National Australia Bank, ANZ and Westpac - and HSBC would cut lending rates over the next two days.

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