As largely expected, the RBA reduces its key interest rate by 25 bps to 3%, the lowest since the...

|By:, SA News Editor

As largely expected, the RBA reduces its key interest rate by 25 bps to 3%, the lowest since the financial crisis in 2009, with the move reflecting the strong Australian dollar, wage pressures, projected mining investment and high unemployment. However, it's worth noting that country's four largest lenders have not passed on about a quarter of the RBA’s 1.5 percentage points of cuts since November last year.