Source : The Business Times, September 2, 2008
CANBERRA - A cut in Australia's benchmark interest rate is a relief for homebuyers, Prime Minister Kevin Rudd said on Tuesday, but was only a beginning. 'This interest rate decision is welcome, but it is not a day for celebration.
Interest rates took a long time to rise, they will take a long time, a long time to come back down, and the road will be a very uneven one,' Mr Rudd told Australia's Parliament on Tuesday.
The Reserve Bank of Australia cut its benchmark cash rate by 25 basis points to 7.0 per cent on Tuesday, the first fall in Australian interest rates since December 2001. -- REUTERS
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