0412 GMT - For all the uproar this week over the Reserve Bank of Australia's decision not to cut interest rates following a two-day policy meeting, the impact of cuts is being blunted anyway. Instead of consumers redirecting reduced mortgage payments into higher discretionary spending, the vast majority are instead paying down debt. Data from the Commonwealth Bank of Australia shows that just 10% of eligible home loan customers chose to reduce their mortgage direct debit repayments aftera rate cut in May. This followed a similar trend after a cut in February, CBA says. (james.glynn@wsj.com; X @JamesGlynnWSJ)

(END) Dow Jones Newswires

July 10, 2025 00:12 ET (04:12 GMT)

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