The Reserve Bank of Australia has cut the official interest rate three times this year, from 1.5 per cent to 0.75 per cent after two years of no moves.
As a result, mortgage rates are now the lowest on record, which is good if you’re borrowing money, but if you’re a saver the interest being earned on your deposits is close to zero.
Interest rates don’t fall if the economy is doing well, they fall if economic growth is stalling or is threatening to slow.
