RBA delivers Christmas cut

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The RBA delivered an early Christmas gift to mortgage holders with a 25bp cut at its meeting yesterday.

The decision to cut the official cash rate to 4.25% followed shrinking inflation, subdued credit growth and dwindling asset prices. The board also tipped the deepening Eurozone crisis as a catalyst, saying it had caused businesses and households to take on "precautionary behaviour".

"Overall, the board concluded, on the basis of all the available information, that the inflation outlook afforded scope for a modest reduction in the cash rate," RBA governor Glenn Stevens said in a statement.

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