Ten news update — with Ben Herden from Mortgage Choice.
Confirmation: RBA Keeps Rates On Hold – Cash Rate Steady At 2.75%
The Reserve Bank of Australia has just confirmed the cash rate will remain on hold at 2.75%. It’s likely the decision was influenced by some good news in some segments of the property market such as building approvals and auction clearance rates. Unemployment rates remain relatively steady and there are promising signs of life in retail sales. Economists advise that this alone is not enough to keep the economy strong though, so there are future rates cuts ahead.
While the economy is looking solid at the moment, there’s concern that non-mining sectors won’t be able to fill the gap left by the mining sectors. So on that basis, economists are predicting that the official rate will be cut to 2.5% (another all-time low) sometime before the end of the year.
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