Reserve Bank of Australia Cuts Cash Rate to New Low
The Reserve Bank of Australia has announced the board has officially decided to cut their cash rate by 25 basis points, which brings it down to a new low of 1.75 percent, effective May 4, 2016.
This is the first time the interest rates have changed since May last year, according to ABC Australia news. One of the main reasons for this decision was based on the lower exchange rate of the Australian dollar helping the traded sector. Here’s a closer look at Australia’s financial economic data in a snapshot:
There’s no better time than now to grab your passport and plan your next vacation to Australia. Still can’t believe it? Within a 24-hour time period since this announcement was released, look at the spike in exchange rate from U.S. dollars to Australian dollars.
So while you're busy planning that next vacation to Australia, keep in mind the Reserve Bank of Australia announced a new $5 dollar banknote will begin circulating on September 1, 2016. For more updates on the Australian dollar and other foreign currencies, join our platinum passport today.
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