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Interest rates dropped to a record low of 2%

By Rebecca Zhang

The Reserve Bank of Australia has lowered the interest rate again this month to an all time low of 2 per cent. This will be in effect from 6th May 2015.

Many were under the impression that the RBA would refrain from lowering the interest rate so it could have more time to assess the impact of the February rate cut.

However, it appears the Reserve Bank decided the sluggish economy needed an immediate stimulus.

Board members probably also wanted to apply downward pressure to the Australian dollar.

This may not be the last rate reduction of the year: six of the 34 people that Real Estate Business (REB) surveyed forecast that the Reserve Bank would make another reduction on interest rates in 2015.

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