Rates of interest have been minimize to 4.5% from 4.75% taking them to their lowest degree in additional than 18 months.
It’s the third minimize since August final yr and was extensively anticipated given latest sluggish financial progress.
The federal government has stated bettering the financial system is its largest precedence, however latest figures confirmed weak progress on the finish of final yr.
The speed minimize will result in decrease mortgage funds for some householders, however might additionally minimize returns for savers.
