Three cuts have been made since June 2019, but with signs pressure on the economy is easing, the RBA decided to keep the cash rate stable. With a stronger than expected inflation figure of 1.7% for the 12 months to September, the pressure was off to cut interest rates.
The Reserve Bank of Australia (RBA) decided to leave the cash rate unchanged at the record low of 0.75%.
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Details have been released on how the government is assisting first home buyers to purchase their first property.
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In a move many expected, the Reserve Bank has today lowered the official cash rate to 0.75%, hopeful it will help stimulate employment and income growth, set against a backdrop of improving housing markets in both Sydney and Melbourne.
In a statement accompanying the decision, RBA Governor Philip Lowe said:
While the outlook for the global economy remains reasonable, the risks are tilted to the downside. The US–China trade and technology disputes are affecting international trade flows and investment as businesses scale back spending plans because of the increased uncertainty.
A gentle turning point, however, appears to have been reached with economic growth a little higher over the first half of this year than over the second half of 2018. The low level of interest rates, recent tax cuts, ongoing spending on infrastructure, signs of stabilisation in some established housing markets and a brighter outlook for the resources sector should all support growth.
There are further signs of a turnaround in established housing markets, especially in Sydney and Melbourne. In contrast, new dwelling activity has weakened and growth in housing credit remains low..
The Board took the decision to lower interest rates further today to support employment and income growth and to provide greater confidence that inflation will be consistent with the medium-term target.
It is reasonable to expect that an extended period of low interest rates will be required in Australia to reach full employment and achieve the inflation target. The Board will continue to monitor developments, including in the labour market, and is prepared to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the inflation target over time.
To read the full statement, go to https://www.rba.gov.au/media-
"Mortgage Choice is the latest property-exposed business to detect signs the property market is turning, with loan applications up "significantly" in recent months, in stark contrast to a year in which its profits were battered by falling house prices and tighter credit." as quoted by Sydney Morning Herald.
Reserve Bank of Australia Board decided to lower the cash rate by 25 basis points to 1.50 per cent, effective 3 August 2016
Reserve Bank of Australia (RBA) met for its August meeting and decided to cut the official cash rate by 25 basis points to just 1.50 per cent. This result was widely predicted with many experts tipping the RBA would lower the rate to provide some stimulus for the economy following last week's disappointing CPI numbers. At its meeting today, the Board decided to lower the cash rate by 25 basis points to 1.50 per cent, effective 3 August 2016.
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