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Rate Cut and Cheesecake

May 1st, 2012 at 08:11 pm

Yesterday afternoon the Australian reserve bank lowered the cash rate by 50 basis points (half a per cent). The official cash rate right now is down to 3.75%. They are anticipating tough times ahead; the unemployment rate will sure increase in the near future and property sales have slowed down considerably.

This is good news for us mortgage holders but not so great for the in-laws who rely on the interest of their savings to live on. Everyone in the media believes that the bank will not fully pass on this cut, actually almost but one has not made a decision to cut rate yet. They will take their sweet time about it. Every day could mean millions saving for them.

Even a cut of quarter per cent I will be happy. Hoping to find out in the next few days about how much cut we will get.

For the first time in my life I am making cheesecake, so far so good. Iíve been craving it since the weekend when I saw some at a cake shop. I got DH to get the ingredients last night it cost just under $10, the one in the store were $8.50 per slice. Although I did not realise that will have to wait for hours for it to cool down/chill in the fridge. I was hoping to have some for afternoon tea. I might have to wait to have it for dessert after dinner tonight instead.

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