This week in banking - The RBA keeps the cash rate steady

Niko Iliakis

Friday 10 May 2019

We look at the big news and latest offers to reach our desk in this week’s banking recap.

The RBA holds off on cash rate cut

On Tuesday afternoon, the RBA announced it would keep the cash rate unchanged for another month, despite growing expectations it would cut. This marks the 30th month in a row that the cash rate has stayed at 1.50%, the lowest it’s ever been.

But if popular sentiment is anything to go by, the next rate cut is just around the corner. Most analysts and commentators expect the board to make a move by August at the latest, and once more by the end of the year. Following reports of a slowing economy and weaker-than-expected inflation figures, it’s only a matter of time before they have to bite the bullet.

Bankwest shines in travel money awards

This week we announced the winners of the 2019 Mozo Experts Choice Travel Money Awards, and for the third time in a row, Bankwest was named our provider of the year. With multiple wins across eight categories, its range of cards should be on every traveller’s radar.

As Mozo Data Manager Peter Marshall put it, “We only give out Mozo Experts Choice Awards to the top 10% of products in each category and there’s competitive products entering the market all the time. That Bankwest continues to stand out with their range of travel cards is pretty impressive.”

IMT award winners unveiled

Along with our travel money card awards, we also rolled out our Mozo Experts Choice International Money Transfer Awards. Of all the IMT services we analysed, TranferWise and CurrencyFair were the top two performers, while Citi was crowned IMT Bank of 2019. 

$50 Myer gift card available to new World First customers

And if you’re looking to transfer some money overseas, IMT specialist World First has announced a great offer for new customers. If you sign up and make a transfer of AUD $5,000 or more by the end of the month, you’ll receive a $50 Myer gift card. Act soon and you could have your Mothers Day present all lined up.

And if you’re eager to check out the other IMT options out there, head over to our international money transfer comparison page for a look at what’s available.

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