Australia loosens borrowing rates overnight to fight falling property market

Within hours of the re-election in Australia of the sitting coalition Government led by Prime Minister Scott Morrison on Saturday, the first in what can be expected as a series of steps is underway to fight the falling property market.

In a double helping, borrowers will be allowed to apply for mortgages tens of thousands of Australian Dollars higher and borrowing rates are set to be cut by at least 0.25% from a base rate of 1.5%.