At their Board meeting, the Reserve Bankof Australia (RBA) judged it was prudent to leave the cash rate on hold yet again, with recent data indicating the economy is tracking along quite nicely.
Here are the key takeouts from today's RBA announcement:
- Confidence climbed 1.9 per cent in July (Westpac Melbourne Institute of Consumer Sentiment)
- Business confidence recorded an unexpected increase (NAB’s Monthly Business Survey)
- Retail sales increased 0.6 per cent (ABS)
- Dwelling values across the combined capital cities climbed 1.1 per cent higher over the last three months (RP Data)
In its own statement today, the RBA concluded that…
“In the Board's judgement, monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target. On present indications, the most prudent course is likely to be a period of stability in interest rates.”
The next RBA rate decision will be on September 2nd.
As your local mortgage broker, we can offer you a free Home Loan Health Check which may help you find a home loan that is not only better suited to your needs, but much more competitively priced than your current home loan. You may find you are able to save hundreds, if not thousands of dollars a year simply by giving your home loan a health check.
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