Good afternoon. The Reserve Bank of Australia has delivered a much-anticipated rate cut, lowering the official cash rate from 3.85% to 3.6% even as it warned Australians to brace for lower growth and wages in the future thanks to weaker productivity growth.
Once lenders pass on the relief to their borrowers, the third rate cut of the year will deliver somebody with a $500,000 mortgage a $74 saving on their monthly interest payments, according to Canstar, bringing the total drop to $272.
