Better than expected job figures and solid housing finance data combined with stronger household spending has led to the decision by the Reserve Bank of Australia to keep the official cash rate on hold at 2.5% for the eighth consecutive month.
Recently released employment data from the Australian Bureau of Statistics shows more than 47,000 jobs were added to the economy in February, the strongest monthly rise in almost two years.
Total dwelling commitments also continued to sit around four year highs, with loans to finance the construction of new homes enjoying a 5.8% surge in January.
The ABS also reported a jump in retail sales, up 1.2% in January, which greatly exceeded analyst expectations for the period.
This is great news for home owners and investors alike. Positive economic data and low interest rates present a great opportunity to review your current home loan and that’s where I can help.