Stop Press: RBA has done it again!
Official Interest Rate cut 0.25%...now 0.75%!
Guess who's stuffed, yet again?
* Pensioners
* Anybody with money in a bank
* Those 2m Aussies suffering wages theft
* Those with Debt
* Home Owners with Mortgage: banks will not pass on full rate cut!
Summary: banks can now borrow from RBA at 0.75%, charge 21.49 % (Westpac) Interest on Credit Cards.
Last cut didn't work. No reason to believe this will stimulate the economy either...
Storm Of Negative Interest Rates Looms, 25 Million Aussies Left Without Umbrellas!, page-53
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