WARWICK Chamber of Commerce president David Littleproud said the 25 basis point interest rate cut by the Reserve Bank would go a long way to help Rose City businesses.

The cut, announced on Tuesday, took the cash rate to a record low of 2.75%.

Mr Littleproud said it would do wonders for the Warwick community.

"Obviously we welcome the cut made by the Reserve Bank," he said.

"Business is still tight and people are saving and mindful of spending.

"It will stimulate the economy in the community, get businesses up and going and consumers able to spend.

"This cut is great for the local economy."

All the big four banks passed on the interest rate cut in full.

Mr Littleproud said the economic situation would become more stable after the federal election.

"We will have a clear mandate on where we sit," he said.

"There will be a positive situation later in the year."

What do you think? How will the interest rate cut benefit you? Leave us a comment below.



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