Rate cut imminent: Courier Mail report
With consumer confidence at a near historic low, financial markets are expecting a 0.25 percentage point cut in official interest rates in September and possibly a full 1 per cent by Christmas.
A 1 per cent cut will mean a saving of $200 a month on the average $300,000 mortgage. (Source The Courier Mail)
The sharemarket regained more ground yesterday as bargain buyers swooped, pushing up the All Ordinaries by 2.7 per cent.