The Reserve Bank of Australia has made the decision to keep the official cash rate on hold at 1.5%.
Today’s announcement marks the 14th consecutive month that the cash rate has been left untouched.
The decision by the Board comes as no surprise, with the latest data showing the Australian economy is tracking along quite nicely at the moment.
Most specifically, the economy has seen improvements in business conditions, consumer sentiment and employment.
The latest National Australia Bank Business Survey found conditions are at their highest level since early 2008.
Meanwhile, data from the Westpac Melbourne Institute of Consumer Sentiment found confidence rose 2.5% in September buoyed by improved economic conditions.
Finally, data from the Australian Bureau of Statistics found the unemployment rate continues to hover around 5.6%, which is low by historical standards.
At a global level, things have also been tracking along well. In the US, the Federal Reserve left the official cash rate on hold and cited a strengthening labour market combined with moderate growth in economic activity as the rationale behind their decision.
Whether you’re looking to buy a property or refinance, now is a good time to achieve your property goals, as the cost of borrowing remains at affordable levels.
Speak to your broker to find a competitive product that is best suited to your needs now and into the future.