The RBA has cut interest rate by 0.25%, marking the end of the eleven months in which the board has kept rates steady.
The key question is: when will the bank past on this rate reduction?
Historically most banks uses RBA's announcements as a marketing decoy and when and how they past on the rate plays a huge part in their marketing strategy.
However legally they will need to past the rate cut within 14 days***
**** Note: This does not apply to mortgage mangers and some credit unions. Only tier 1 and tier 2 banks.