The RBA has kept the official interest rate on hold at its historic low of 1.0%.
This comes after the RBA cut interest rates in June and July this year. Before that, the cash rate had sat at 1.5% for the better almost 3 years.
RBA governor Philip Lowe said “Economic growth in Australia over the first half of this year has been lower than earlier expected, with household consumption weighed down by a protracted period of low income growth and declining housing prices and turnover,”
“The main domestic uncertainty continues to be the outlook for consumption, although a pick-up in growth in household disposable income and a stabilisation of the housing market are expected to support spending.”
This implies that growth in the Australian economy is continuing to disappoint.
The next RBA announcement will be on Tuesday 1 October 2019.
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By Wendy Chamberlain
Copyright 2019 | All Rights Reserved
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With a passion for all things real estate spanning over 20 years, Wendy loves that her role as a Buyers Agent 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.
