The Reserve Bank of Australia on Tuesday announced its third consecutive interest rate cut to a record low of 0.75 per cent. But whether or not his bank is rewarding his fiscal discipline is another question. Mr May said that although he sometimes feels the sting when his friends buy nice cars or take overseas trips, his frugality has paid off. He is carefully saving up to buy his first home. Patrick May outside his workplace in Wetherill Park in western Sydney. But to date he has managed to save about $50,000. The 23-year-old has made the odd withdrawal for unexpected expenses, Christmas presents, and to buy a car. For the past three years, heavy diesel mechanic Patrick May has steadily put away between $750 and $1000 of his fortnightly income into a St George Bank savings account.
