Today the Reserve Bank of Australia announced a 0.25% cut to the official cash rate, bringing it to a new record low of 1.00%.
Bank Australia is carefully assessing the RBAs decision to ensure that the impacts on borrowers and depositors are thoroughly considered and represent a responsible approach to banking.
This is not a simple decision, and we must carefully assess the impact of the RBA’s cut on all of our customers. As a customer owned bank, we will always do our best to offer competitive rates to all customers whether they’re borrowers or depositors.
We understand that our customers will want to know what our decision is as soon as possible. We will make a further announcement on this in the coming days once a final decision has been made.