Australia’s cash rate peaked at 4.35 percent. New Zealand’s reached 5.5 percent.

New Zealand’s open-banking initiatives took another step forwards today as local financial technology (fintech) company, BlinkPay launches its instant payment technology.

The official cash rate has been cut by 25 basis points to three-year low of 3 percent.

A signal from the Reserve Bank that there could be two more cuts to come in the official cash rate could help drive down home loan rates over the coming weeks.

The central bank shaved another 25 points off but once again the rate-setting body could not reach consensus on the decision.

The Reserve Bank’s former assistant governor and head of economics at the Reserve Bank lays out what’s involved.

Most of its stores are closed for now as receivers look to identify potential buyers for the business or assets.

Spark chair Justine Smyth said economic headwinds, “materially lower customer spending” and structural changes in markets contributed to the fall.