Good afternoon. The Reserve Bank has cut the cash rate to 4.1% with a quarter-point reduction. The treasurer, Jim Chalmers, called it the rate relief millions of Australians “need and deserve”, and said the CEOs of all four major banks confirmed with him on Tuesday afternoon that they would pass on the “full benefits” of the decision.
The decrease is the first since the early days of the Covid-19 pandemic, and comes just in time for Labor to campaign on its economic credentials in a cost-of-living-focused election.
