Following the Reserve Bank of Australia’s (RBA) meeting on 19 March 2020, we have collated the key points and a quick snapshot of the reaction by the Big 4 banks.
- The RBA has cut interest rates to a record low 0.25% and announced extraordinary measures to help prevent a coronavirus-driven recession;
- The Government also announced investment of up to $15 billion to enable smaller lenders to support consumers and small businesses; and
- The RBA will buy Australian government bonds as part of its first-ever quantitative easing program and provide a three-year funding facility to provide cheap loans for Australian banks.
- Click here to view a snapshot of the Big 4’s key announcements.
Although we have initially looked at the offerings from the Big 4 banks, we encourage all borrowers (be it leasing or loans) to speak with whichever bank/lender they are with to confirm details specific to their circumstances.
If you have any further questions, please do not hesitate to contact your client service partner at Banks Group on (03) 9810 0700.