Australia's CBA cuts rates for small business and household borrowers

Commonwealth Bank of Australia cut interest rates for small business and household customers on Thursday after the country's central bank cut rates for a second time this month and ventured into quantitative easing to tackle the impact of the coronavirus outbreak. CBA cut rates on existing cash-linked small business loans by 100 basis points, and one-, two- and three-year fixed home loan rates by 70 basis points for owner-occupiers.

On the other hand, it increased interest paid on 12-month term deposits to 1.70%.