2月3日，澳大利亚储备银行宣布将现金利率下调25个基点至2.25%的历史低点。该行在此前一年半时间里一直维持利率不变。

房地产市场的担忧

很多经济学家最担心的问题是，本次利率下调可能会进一步刺激本已亢奋的房地产市场。自2011年末降息周期开始以来，澳大利亚的整体房价已经暴涨了近20%。

CoreLogic RP Data公司的房产分析师蒂姆·劳利斯（Tim Lawless）称，如果澳洲各银行普遍执行降息政策，标准可变房贷利率会下降至5.7％，折扣利率会平均下调至4.85％。

昆士兰银行（Bank of Queensland）已经宣布全面执行澳联储降息政策，将于2月24日下调标准可变利率至5.76％，折扣利率至4.62％。

ME银行也将从2月20日起全面执行澳联储降息政策。但迄今为止，澳洲主要银行仅表示，它们的利率正在审查决定中。

房贷比较网站Finder称，利率下调 25个基点，对于30万澳元的平均房贷，每月能省下借款人47澳元。

劳利斯看来，房贷利率平均水平现在可能会降至1968年以来最低水平。但他担心，“更低的房贷利率有可能为本就强劲的房地产市场火上浇油”。

澳洲银行的跟进反应：

• 澳新银行（ANZ）：下调可变住宅贷款利率0.25%，至5.63%。
• 澳洲联邦银行（CBA）：下调可变住宅贷款利率0.25%，至5.65%；下调5年期固定利率0.3%，至4.69%。
• 澳大利亚国家银行（NAB）：下调可变住宅贷款利率0.25%，至5.63%。
• 西太平洋银行（Westpac）：下调可变住宅贷款利率0.28%，至5.7%。
• 昆士兰银行（BoQ）：2月24日起，下调可变住宅贷款利率0.25%，至5.76%。
• ME Bank：2月20日起，下调可变住宅贷款利率0.25%，至5.13%。
• ING银行：2月20日起，下调可变住宅贷款利率0.25%，至4.97%。

澳联储主席格伦·史蒂文斯（Glenn Stevens）称：“消费者信心进一步减弱，借款人审批要求更严格，投资者贷款条件进一步收紧，支付能力面临挑战，租金收益率更低，这些因素都会缓和2015年的房地产市场。”

这肯定是澳联储所希望的。史蒂文斯再次指出，悉尼房价大幅攀升，投资者的放贷增长强劲。“澳联储正与其他监管机构合作，将评估和遏制房地产市场可能引发的经济风险。”

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The Reserve Bank has cut interest rates for the first time since August 2013, reducing the official cost of borrowing by 25 basis points. The move takes the cash rate down to 2.25 per cent, a record low since the Reserve Bank gained independence and started targeting inflation in the 1990s.

Housing market concerns

The biggest concern many economists had with a rate cut was that it may stoke an already-buoyant housing market, which had risen nearly 20 per cent nationally since the rate-reduction cycle started in late 2011.

Property analyst Tim Lawless from CoreLogic RP Data said the rate cut, if passed on, would take the typical standard variable mortgage rate down to 5.7 per cent, and the more usual discounted rates to 4.85 per cent on average.

Bank of Queensland has already announced it will pass on the rate cut in full, taking its standing variable rate down to 5.76 per cent and the discount rate to 4.62 per cent, but not until February 24.

ME Bank will also pass on the cut in full from February 20, but the major banks so far have said only that their rates are under review in light of the decision.

Rate comparison website Finder said a 25-basis-point reduction would save borrowers around $47 per month on an average $300,000 home loan.

Mr Lawless said the average level of home loan rates would now fall to its lowest since 1968. "Lower mortgage rates have the potential to add some fuel to what are already strong housing markets," he cautioned.

Bank responses

• ANZ: 0.25% cut to variable home loans to 5.63% SVR
• CBA: 0.25% cut to variable home loans to 5.65% SVR; 0.3% cut to 5-year fixed to 4.69%
• NAB: 0.25% cut to variable home loans to 5.63% SVR
• Westpac: 0.28% cut to variable home loans to 5.7% SVR
• BoQ: 0.25% cut on variable home loans to 5.76% SVR from Feb 24
• ME Bank: 0.25% cut on variable home loans to 5.13% SVR from Feb 20
• ING Direct: 0.25% cut on variable home loans to 4.97% SVR from Feb 20

"Lower consumer confidence, stricter serviceability requirements for borrowers, tighter lending conditions for investors, affordability challenges and low rental yields are all factors that may contribute to the moderation in housing market conditions over 2015."

That would certainly be what the Reserve Bank would be hoping, with Mr Stevens again noting a steep rise in Sydney housing prices and a strong rise in lending to investors.

"The bank is working with other regulators to assess and contain economic risks that may arise from the housing market," he said in his post-meeting statement.