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Aussie "Big Four" banks cut rates, mirroring central bank

The article from Reuters, published on February 18, 2025, discusses how Australia's four major banks—Commonwealth Bank of Australia, National Australia Bank, ANZ Banking Group, and Westpac—have all reduced their interest rates following a decision by the Reserve Bank of Australia (RBA) to lower the official cash rate. This move was in response to the RBA's efforts to stimulate economic growth amidst concerns about inflation and economic recovery post-COVID. The rate cuts by these banks are expected to provide relief to borrowers, potentially boosting consumer spending and investment. However, the article also notes that while this might encourage economic activity, it could put pressure on the banks' profit margins and might not be sufficient to address all economic challenges facing Australia.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/aussie-big-four-banks-cut-rates-mirroring-central-bank-2025-02-18/ ]