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RBA cuts rates amid skittish market
TONY JONES, PRESENTER: Well the Reserve Bank has moved to shore up confidence in the economy today, cutting the official cash rate 25 basis points to a 2.5 year low. The Reserve's statement pointed to global risks which threaten the Australian economy. It gave few clues about further rate relief, but economists and business leaders say there's definitely more to come.PHILLIP LASKER: Some predicted a second successive 50 basis point cut from the RBA as a decisive response to the rising threat of a global recession and collapsing world equity markets. A response to the triple whammy of European turmoil, and disappointing economic weakness from the US and China. But the RBA cut 25 basis points bringing the cash rate to 3.5 per cent.SU LIN Masteron Side Effects For Women' ONG: And we thought a 25 point cut today was appropriate.PHILLIP LASKER: It was a smaller cut than the previous month to shore up confidence in what the RBA concludes was an environment "with moderate domestic growth and a weaker and more uncertain international environment". It wasn't mentioned in the statement, but the RBA might have also had one eye Oxymetazoline High on the Federal Government's handouts for education expenses and the carbon tax.SU LIN ONG: Much of the statement was about the weakening global backdrop, the stresses in global credit markets, falls in equity markets and I think that it was quite strongly worded, actually, if you look at it. But it's not just about Europe. There is a lot of attention there but "Anadrol 50" the RBA also Sustanon 250 4 Ml A Week pointed out the moderation in China and uncertainty over Asian growth.PHILLIP LASKER: It left many with the impression that the global environment would determine "Anadrol 50" Australia's economic fate and interest rate future.SU LIN ONG: You have to think that the cash rate is heading back down to at least the historic low of 3 per cent.PHILLIP LASKER: Financial markets are betting it will drop closer to 2 Buy Jintropin per cent. Certainly business representatives are expecting more.INNES WILLOX, AUST. INDUSTRY GROUP: There certainly was room for further cuts this month, and they've made those cuts, and there's room for further cuts in the future. And I think "Oxandrolone Powder India" it's important that the bank keep its eye open on the need for future cuts.PHILLIP LASKER: Also welcoming the cuts was the housing industry, Hgh Jintropin Avis but it's predicting lower rates and help from the Government in the form of more stimulus.ANDREW HARVEY, HOUSING INDUSTRY ASSOC.: The global environment and the non resource domestic economy, and now some softness in commodity prices, will see the Treasurer forced into a position where he will have to abandon the surplus.PHILLIP LASKER: But for now the focus is on Australia's major lenders and how much they pass on.GREG EVANS, CHAMBER OF COMMERCE AND INDUSTRY: This is a benefit for that is intended for Australian borrowers. It's certainly not intended to bolster the profitability of Australian banks.PHILLIP LASKER: The Bank of Queensland ignored those calls in passing on 20 of the 25 basis point cut. Many savers can also expect a repeat of last month's experience.CHRIS GROTH, CANSTAR RESEARCH MANAGER: It's likely that we'll see that trend again, with depositors having to wear the full cut in official interest rates.