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RBA Cuts Interest Rates

By Peter Hewitt

The RBA announced a 0.25% cut in interest rates this afternoon, dropping them to 4.25%, back below the level before the November 2010 rise which took rates to 4.75%.  Many believe it was that rise, and the media storm over the banks’ response, that precipitated the stagnation of the Australian housing market since then.  Everyone hopes this latest cut, following the cut last month, will trigger a renewal of interest by buyer.

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