Three cheers for rates cut

THE Reserve Bank's decision yesterday to cut interest rates by a full percentage point - taking the cash rate to a seven-year low at 4.25 per cent - should be applauded.

Clearly the economic forecasts the bank is looking at aren't very positive and it has moved decisively in an attempt to encourage spending and to stimulate the real estate market.

Along with the tumbling price of petrol which on the Coffs Coast may soon fall below $1, it is a Christmas bonus that will be enjoyed by many.



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