How the change to interest rates affects you

Yesterday afternoon, the Reserve Bank of Australia announced it is lowering the cash rate for the first time since 2020.The cash rate was 4.35%, but it is now 4.1%.It’s big news for Aussies, particularly those with a mortgage or who are wanting to apply for a home loan for the first time, and it’s also big news for the Labor Government - with this likely now impacting when we will go to an election.If you’re confused about any of that, you’ve come to the right place. We’re here to discuss what a cash rate actually is, and how it will affect you whether you have a mortgage or not. Hosts: Billi FitzSimons and Sam KoslowskiProducers: Elliot Lawry Want to support The Daily Aus? That's so kind! The best way to do that is to click ‘follow’ on Spotify or Apple and to leave us a five-star review. We would be so grateful. The Daily Aus is a media company focused on delivering accessible and digestible news to young people. We are completely independent. Want more from TDA?Subscribe to The Daily Aus newsletterSubscribe to The Daily Aus’ YouTube Channel Have feedback for us?We’re always looking for new ways to improve what we do. If you’ve got feedback, we’re all ears. Tell us here.See omnystudio.com/listener for privacy information.See omnystudio.com/listener for privacy information.