Aussie cuts their interest rates by 1%

The RBA in Australia has today cut rates by a full 1%. This is the 4th cut in as many months and equates to 3% in cuts since September.

CBA Bank, announced immediately they were passing on the full 1% to customers.  CBA is the owner of ASB Bank, Sovereign and Bank Direct here in New Zealand.

Our Reserve Bank has some catching up to do and we are picking at least a 1% cut in our OCR on thursday.