Interest cut welcomed
MURWILLUMBAH businesses have applauded the decision of a cut in the official interest rate in time for Christmas.
Murwillumbah District Business Chamber president Toni Zuschke said it would offer people the opportunity to free up some cash.
"It's always good if people have a few extra dollars in their pockets in the lead-up to Christmas," Ms Zuschke said.
"Spend wisely and locally over Christmas is always good advice."
The Reserve Bank of Australia dropped the cash rate by .25% to 4.5% on Melbourne Cup day, the first cut in more than two years.
Despite the good news from the Reserve Bank of Australia the cut might not flow in full to mortgages.
National Australia Bank, the last of the big four banks to cut home lending rates, said it was lowering its standard variable rate by .20%.
NAB said the new rate of 7.47% was still the lowest among the major banks.
But that wasn't good enough for Federal Treasurer Wayne Swan.
"It's a kick in the guts to working families," Mr Swan said.
