They are still up by 1.7 per cent this year.Data from ANZ's network of debit and credit cards, released on Tuesday, showed spending growth turned negative in the week to August 29. 'Coffin confessor' paid to drop bombshells from beyond the grave at clients' funeralsAFL grand final to be played at the Gabba, with decider leaving Melbourne for first timeCOVID recession confirmed as Australia's economy posts its biggest fall on recordThe Catholic school system that takes from the poor to give to the richCOVID recession confirmed as Australia's economy posts its biggest fall on recordLive: Treasurer says Australia has 'financial firepower' to respond to recessionAustralia is officially in a recession — so what does that mean?AFL grand final to be played at the Gabba, with decider leaving Melbourne for first time'I hope she returns my call': NSW Premier rebukes Qld Premier over border silenceThe Catholic school system that takes from the poor to give to the richNSW Premier targets major events as state records 17 new COVID-19 cases'Not enough' people being tested in Melbourne's south-east, Sutton says'Coffin confessor' paid to drop bombshells from beyond the grave at clients' funeralsTenants union calls for extension to freeze on rental evictions to stop tenants 'falling off a cliff'Family law judge: 'At-risk children need more attention than the court can give'A Gabba grand final shows the AFL is following its heart over its head'As if there is nothing happening': Indonesia continues to open up despite record COVID-19 cases'Massive amount' of softwood exported to China amid shortages, timber processor warns It was the first time spending had turned negative since May 17.Spending in Victoria is now down 27 per cent from last year while in NSW it is down by 0.5 per cent.Our weekly newsletter will deliver expert analysis of the race to the White House from our US correspondent Matthew Knott. In fact, the RBAâs official cash rate has been sitting at 1.5% since August 2016. Because the rate the RBA would pay on bank reserves would be less than 0.25 per cent, and in most other countries you'd call that zero interest rates.He was adamant Australia's main interest rate would not be lowered below 0.25 per cent. Interest rates were slashed after the financial crisis in 2007/2008, from over 5% down to 0.5%, in order to support the UK economy. An interest rate is the cost of borrowing money. The unprecedented decision by the Reserve Bank was part of an emergency package to prevent the financial system melting down as large parts of the economy are boarded up to stop the coronavirus spreading. Questioned by the parliamentary economics committee on Friday, Reserve Bank of Australia (RBA) Governor Phillip Lowe suggested it’s possible that’s where we’re headed. How long will it take to get my results back?Millions of Aussies have been told to isolate. And it's extremely unlikely Australia will see negative rates.They're intended to incentivise banks to lend more freely during periods of extreme economic uncertainty or financial market dislocation.But they have economic consequences, in a topsy-turvy way.Breaking down the latest news and research to understand how the world is living through an epidemic, this is the ABC's Coronacast podcast.Theoretically, when rates turn negative, depositors can be charged a storage fee to keep their savings in a bank rather than receiving interest, and borrowers can be credited with interest rather than being charged interest for taking out a loan.Last year, the Jyske Bank in Denmark made headlines by launching the world's first negative interest mortgage, offering borrowers a 10-year deal at -0.5 per cent.It said when its borrowers made their monthly repayments, their debt would be reduced by more than they paid on their mortgage each month (although after fees, the effective interest rate was just in positive territory).The bizarre arrangement was possible because the interest rates in Europe's money markets dropped to extraordinary levels and Jyske Bank could borrow from institutional investors at a negative rate and pass it on to customers.However, Jyske's savers faced a zero per cent interest rate when they deposited money in a savings account.It's extremely rare for consumer products like home loans and savings accounts to face negative interest rates.According to Canstar's database, in the last two decades there have never been negative interest rates on such products in Australia.They're far more likely to occur in money markets where central banks lend to retail banks and institutional investors.Last year, the entire Swiss Government nominal bond yield curve [ie bond interest rate curve] was in negative territory and the Swiss government could borrow for 30 years at an interest rate of -0.2 per cent.Most of the German, Dutch, French and Japanese yield curves were in negative territory too.Reserve Bank interest rate cuts will do little to keep Australia out of a deep recession if coronavirus becomes a severe pandemic, but there are some unconventional policies that could help save the economy.It's not just governments that can borrow at negative rates.
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