Second RBA Rate Announcement - March 2020
As the COVID-19 pandemic unfolds in our community many people are concerned and worried about their own circumstances as well as the situation for friends, family and loved ones near and far. I want to re-confirm, that here at Australian Military Bank, our focus is ensuring that we continue to be here for our members.
When the Reserve Bank of Australia (RBA) cut the official cash rate to 0.5% on the 3rd March 2020, we made the decision to pass on the full advantage to our members for new and existing variable rates.
Yesterday the RBA announced it has reduced the target cash rate by a further 25 basis points to 0.25% in order to ‘bridge’ the market for anticipated COVID-19 economic recovery. We are now considering this additional rapid cut to determine what we can feasibly do to further support our members while maintaining a strong stable position in these uncertain times. These issues will be at the forefront of our deliberations
Regards,
Darlene Mattiske-Wood
