Four major banks highlight benefits of cash rate cut

Australia’s four major banks predict that the Reserve Bank will cut interest rates in February.

Treasurer Jim Chalmers stated that Australia has made significant progress in controlling inflation.

A rate cut would provide relief to millions of Australians with mortgages and home loans by reducing their monthly repayments.

NAB Bank’s chief economist, Alan Oster, believes there is a strong chance of a gradual rate reduction starting in February.

Lower interest rates could also contribute to a decline in unemployment.

The major banks forecast that the cash rate, currently at 4.35%, could drop to 3.5% by 2025.

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