The RBA has just announced its rate decision…
The Reserve Bank of Australia has raised its cash rate target by 25 basis points to 0.35%.
In Australia the cash rate, which has been at historic lows, is the rate that banks lend and borrow funds from each other.
The cash rate is the benchmark which banks use to set interest rates for borrowers.
This rate will impact the mortgage rate for home loans and increase mortgage repayments for homeowners.
It will also affect the more than 2 million small to medium enterprises (SMEs) in Australia, many of which have a business line of credit against the equity in their homes to keep their businesses afloat.
The central bank’s last rate rise was 25 basis points (0.25 percentage points) in November 2010, which took the cash rate target to 4.75%.
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