More than 1.2 billion Australians are set to see their bank accounts reduced over the coming weeks after the Reserve Bank lowered the interest rate and gave lenders a new incentive to offer the scheme.
The bank is calling the scheme “Thrive”, which will see consumers see their interest rate cut from 7.5 per cent to 5.5.
The scheme will be available for $15,000 and will see many people getting the chance to pay their first deposit, deposit their first credit card, pay their bills and even make a deposit to a savings account.
The Reserve Bank said the move was designed to stimulate the economy and was expected to bring a significant amount of people into the economy.
“The interest rate reduction is expected to reduce the amount of debt owed by the public sector to $1.5 trillion, or 0.3 per cent of GDP,” the bank said.
The move is part of a broader effort to get people to invest in the economy, boost the economy’s competitiveness and make the economy more competitive.
The new incentive will be paid in the form of a $50 cash payment for new accounts.
“Australians are likely to be able to see a significant reduction in their interest rates and will be able access a range of products and services,” the Bank of Australia said.
“This will enable consumers to access a variety of new products and will help the economy recover from the recent downturn.”
“This announcement reflects the Government’s intention to make the scheme easier to access for consumers, as well as support a strong Australian economy,” it said.