Tag: RBA
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Australia is becoming a cashless society
Australia is well on its way to becoming a cashless society. There are more and more people using smartphone apps such as ApplePay to pay for everyday transactions online instead of carrying cash. Australians are increasingly turning to digital means to arrange and pay for everyday tasks, such as using apps like Deliveroo to get food delivered…
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Big banks drop home loan rates
ANZ, NAB, CBA and Westpac have all dropped their home loan interest rates following the Reserve Bank’s official interest rate cut. The Reserve Bank of Australia cut the cash rate by 25 points to 1.75% on Tuesday, prompting the big banks to action. National Australia Bank was the first to cut its standard variable home…
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Aussie Dollar has biggest fall in five years
The Australian dollar has experienced a loss of 2.34% against the US dollar in a single day. This is the largest percentage loss in one day since September of 2011, almost half a decade ago. At 7am this morning, the Australian dollar was trading for US74.85c, its lowest level in seven weeks. The significant fall…