November 4, 2008 @ 5:15 PM

Today is such a significant day... Melbourne Cup is today, US Presidential Election is today, but the most important thing that affect us (oops ME!) is the Australian Reserve Bank cut on interest rates!!

THE Reserve Bank has slashed interest rates by 75 basis points to 5.25 per cent in a move aimed at stimulating the slowing economy... But in a blow to consumers the Commonwealth Bank announced it would cut rates by only 58 basis points. Westpac and ANZ said they were reviewing their rates.

Interest rates had been slashed, now means lower FD :-/ (There goes my 7% interest p/a) but lower housing loans as well ^_^ weee!!!

But than Banks are still "reviewing" the interest rates slash... bugger, they better cut the housing loans rates by A LOT and compatible to what the reserve bank had did!!

Labels: Interest rates, Life