With everyone’s Christmas Wish List topped with ‘no December interest rate rise’, the Board’s decision today to leave the cash rate target unchanged at 4.35 per cent is a relief to many.
Last month saw the first rate rise in four months, with interest rates increased by 25 basis points as inflation was not declining at the expected rate. With the impact of that rate rise beginning to be felt, today’s decision to leave the rate unchanged is sure to help when the Christmas credit card bills start rolling in early next year.
In announcing today’s decision, the Reserve Bank Governor Michelle Bullock said, “Higher interest rates are working to establish a more sustainable balance between aggregate supply and demand in the economy. The impact of the more recent rate rises, including last month’s, will continue to flow through the economy. High inflation is weighing on people’s real incomes and household consumption growth is weak, as is dwelling investment. Holding the cash rate steady at this meeting will allow time to assess the impact of the increases in interest rates on demand, inflation and the labour market.”
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 over 20 years, Wendy loves that her role as a Buyers Agent or 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.