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"We have recently promoted an 8 month 8.88%pa Macquarie Bank Term Deposit offer to our clients .
It was hoped that this offer would be around for the duration of the Olympic Games, however due to adverse changes in market conditions over the last couple of days, Macquarie have made the decision to discontinue this promotion.
The clients and prospective clients that apply for this offer will receive the promotional rate of 8.88%pa for terms of 8 months as long as they have their applications to CAM prior to 5.00pm on Friday 8 August 2008.
Please note these changes only impact our promotional term deposit offer. The rate for Cash XL remains currently at 8%pa.
Why are we closing this offer?
After leaving interest rates unchanged on Tuesday at 7.25%, the RBA Governor, stated: "...with demand slowing, the Board’s view is that scope to move towards a less restrictive stance of monetary policy in the period ahead is increasing" (http://www.rba.gov.au/MediaReleases/2008/mr_08_12.html ).
This statement confirmed beliefs in financial markets that the Australian economy had slowed and the RBA may start considering easing interest rates.
The expectations of rate cuts were already reflected in the Bank Bill Swap Rates (as seen above in the 1 year Bank Bill Swap Rate : Source IRESS ) days before the RBA met. The decline in the Bank Bill Swap Rate reflects a belief from Australian Banks that the Reserve Bank of Australia (RBA) may cut rates by as much as 0.50% in coming months. The decline in the Bank Bill Swap Rate has an effect on the rates a bank offers Term Deposit clients, as the Bank Bill Swap Rate is used to determine interest rates. |
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