Rates cut 1%

ManlyBacker

Winging it
Just announced. Just shows how rocky the world stage is at the moment. That is a huge change to the official interest rate which now stands at 6%.
 
We're staring stagflation in the face.  This is a desperate ploy to see if the business sector will chase investment over profit taking. 

It wouldn't surpirse if only 0.5% makes its way to the consumer though.
 
1% is bad news as it means that the economy is a lot worse than we think.

Surprised that Westpac has already announced a 0.80% reduction in their variable rates. 
 
And just heard that they expect another 0.50% reduction in both November and December. 
 
Ahh the old Bafurst Gem, the joke that keeps on giving 🙂

The tall poppy syndrome in all its glory once again.
 

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