RBA announces cash rate decision

AUD  USD Daily Chart

The cash rate has been on hold since it was last cut in August 2016.

The Reserve Bank of Australia has announced its decision on the official cash rate for December after it concluded its monthly board meeting.

Mortgage Choice's John Flavell said the decision to keep the rate on hold was indicative of a thriving economy.

Of the 26 economists polled by Bloomberg, all forecast that the cash rate will remain at 1.5%.

"At the same time, consumer sentiment took a bit of a tumble, with pessimists once again outweighing optimists". The bank expects inflation to pick up gradually as the economy strengthens.

Homebuyers have been given an early Christmas present by the Reserve Bank which today left official interest rates on hold.

Real Estate Institute of NSW President Leanne Pilkington said it is unlikely that we will see interest rate movement from the RBA in 2018.

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"General inflationary pressures are well under control - but several components of demand are below par and need a supportive interest rate backdrop", Mr Garrett said.

According to Lowe, one continuing source of uncertainty is the outlook for household consumption. Lowe said this is likely to continue for a while yet, although the stronger conditions in the labor market should see some lift in wage growth over time.

And with mortgage debt a major cause of stress in Australian households a rise in the cash rate could have troubling effects on Australian borrowers.

"The OECD has recently signalled that the winds of change in the Australian economy may be preparing to blow, and that a rate rise may come sooner than previously thought".

ABC Bullion chief economist Jordan Eliseo said he was confident there would be a rate cut on the horizon but believed the rate would hold going into the festive season.

"We've had a period where retail sales have been unusually weak over the last few months", Dales said.

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