The Reserve Bank of Australia board is due to meet again tomorrow the 2nd December 2008 and many are predicting a rate drop of around 0.75 percent.
The announcement will be posted as soon as released over at Finance Broker Australia website.
The attached graph shows the cash interest rate historical trend in Australia since May 1997 through to November 2008.
If the cash rate is reduced by 0.75 percent at tomorrows meeting to 4.5 percent from the present 5.25 percent the rate will be the lowest it has been since June 2002. The lowest cash rate since 1990 when the cash rate was as high as 17.5 percent was 4.25 percent between December 2001 and May 2002.
In May 2002 the cash rate rose 0.25 percent to 5.50 percent then rose again by 0.25 percent June 2002, November 2003, December 2003, March 2005, May 2006, August 2006, November 2006, August 2007, November 2007, Feburary 2008 and the last increase in March 2008 brought the cash rate to 7.25 percent.
The cash rate reduced by 0.25 percent in September 2008, 1.00 percent in October 2008 and 0.75 percent in November 2008.