RBA Cash Rate Down to 3 Percent

Australian Cash Rate 3.00%

The Reserve Bank today announced the cash rate will reduce to 3.00 percent, effective tomorrow the 8th April 2009.

This is the lowest the cash rate has been for 49 years.

At this stage we are only aware of one lender passing on any of the cut with Commonwealth announcing they will reduce the standard variable interest rate by 0.10 percent.

The below graph shows the history of the cash rate in Australia since 1990. The average cash rate over this time is 7.03 percent.