Westpac, CBA follow RBA move

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Westpac and Commonwealth Bank are the first major banks to announce rate cuts in line with yesterday's RBA cash rate move.

Both banks announced they will move in line with the RBA, cutting its standard variable rate by 25bps, bringing Westpac's standard variable rate to 7.61% and CBA's to 7.56%. Westpac executive of retail and business banking Rob Coombes said the RBA cut will boost an economy in which consumer sentiment has been weak.

"“Ongoing economic weakness in Europe continues to impact negatively on Australian businessand consumer confidence. A reduction in interest rates will provide a timely boost to sentiment andgenerate a positive flow-on effect for the broader Australian economy,” Coombe said.

The bank said the 25bps cut would save the average $250,000 household mortgage $41 a month. 

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