The Reserve Bank of Australia (RBA) has elected to have the cash rate remain at 1.50% for yet another month.
Citing promising global economic growth and low unemployment rates as key reasons. Governor Philip Lowe had this to say in his official statement: “The housing markets in Sydney and Melbourne have slowed. Nationwide measures of housing prices are little changed over the past six months, with prices having recorded falls in some areas. In the eastern capital cities, a considerable additional supply of apartments is scheduled to come on stream over the next couple of years. APRA’s supervisory measures and tighter credit standards have been helpful in containing the build-up of risk in household balance sheets, although the level of household debt remains high.”
Despite the cash rate remaining on hold, it’s important to remain vigilant as change is always just around the corner. Make sure to keep an eye on any rate movement from your lender, and consider whether your current loan is still right for you.