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Interest rates slashed to new historic low

The Reserve Bank has slashed its cash interest rate again, after weaker than expected economic growth.

The rate is now at a new record low of 0.75 percent. The RBA is confident the economy has hit a “gentle turning point”.

Perth LIVE Personal Finance expert Michelle Maynard says the CBA is the first of the big four banks to pass on a cut, although at just 0.13 percent it’s barely half of the full cut announced today.

 

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