Another official cash rate cut is expected by leading experts and economists by June.
A survey conducted by comparison website finder.com.au said only 24% of the respondents said a drop in rates may happen on 7 April, while 32% believe the rate will stick to its current 2.25% level.
The majority, however, felt the cash rate will fall by June, and that there will be another cut between July and September.
Finder.com.au also urges more Australians “to learn how interest rate movements will affect them”, with Money Expert Michelle Hutchison saying many Australians may not realise what interest rate movements mean to their financial situation.
“It looks like we can expect another cash rate cut, whether it’s on Tuesday or in the coming months. But do Australians really know how interest rate movements affect them financially?
“The finder.com.au Reserve Bank Survey found that about half (19) of the experts believed consumers don't understand the importance of interest rate movements well enough.
“Interestingly, out of those who responded to this question, the majority (27) said consumers need to be responsible for understanding interest rates while 12 experts felt that financial institutions were more responsible.
“Ultimately it is up to consumers to learn about financial products and how interest rate movements will impact them. Australians can’t rely on their bank to tell them what interest rate they should be charged for loans and what rate they could earn for their deposits so they need to keep track of their rates and compare their financial products, particularly when rates are forecast to fall.”
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