Business
Banks offered cheap $200b to help build economy out of recession – Sydney Morning Herald
The RBA surprised markets by offering banks up to $200b in cheap cash to help the economy out of worst recession since the end of World War II.
Apart from increased lending to businesses, the scheme should help banks keep a lid on interest rates to mortgage customers and replace expensive money borrowed from overseas. It also gives banks the opportunity to buy risk-free government bonds and make a small profit that would also help the states and Canberra reduce their own interest costs.
The move came ahead of the release of the June quarter national accounts, which will confirm the nation’s first recession since 1990-91.
The nation’s …
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