Although annual inflation is dropping, at the November board meeting the RBA has elected to raise the cash rate.
It’s a double blow to Melbourne Cup Day punters whose horses didn’t rise to the occasion with the Reserve Bank raising the cash rate by another 25 basis points to 4.35 per cent. Despite consecutive holds in recent months, the first interest rate rise since June doesn’t come as a surprise.
In her statement today Reserve Bank Governor Michele Bullock said, “even though we haven’t raised interest rates since our last interest rate rise in June, we’ve made it very clear that we might need to go again. Although services inflation is declining, it’s still higher than we’re comfortable with. And it’s also reasonably persistent.”
General inflation sits at 5.4 per cent, still higher than the RBA’s preferred 2-3 per cent target.
Looking to buy your first home in Melbourne and want to ensure you get the best possible outcome? Talk to me about how I can help you buy your home.
Ask about our Buyer Advocacy Service, where we provide you with trusted impartial advice and WE MAKE IT EASY to protect your interests through out the entire buying process.
To book a free 20-minute consultation, simply click here and choose a time convenient to you. Alternatively, give me a call on 03 9686 2288 to discuss how I can help.
By Wendy Chamberlain
Copyright 2023 | All Rights Reserved
WANT TO USE THIS ARTICLE?
You can as long as you include the following (links must be active):
With a passion for all things real estate spanning 20 years, Wendy loves that her role as a Buyers and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.