Ten news update — with Ben Herden from Mortgage Choice.
RBA Keeps Rates On Hold – Cash Rate Steady At 2.75%
The Reserve Bank of Australia has announced it will keep interest rates on hold and maintain the cash rate at 2.75%. The announcement hasn’t come as a big surprise given the improving economic outlook attributed mainly to the falling value of the Australian dollar and an increased interest in the property market. This is not to say however that rates aren’t going to fall anytime soon, as economists believe we’re not yet on the road to a full recovery.
There is a good chance that we will see an interest rate cut in August after the next official inflation rates are released later this month. The Reserve Bank of Australia have stated at their last meeting that there is room for them to decrease the interest rate further if need be and the general consensus is that it could happen as early as August 2013.
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