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W.B. Simpson & Son
30 Errol Street North Melbourne
03 9328 1213
03 9329 9030Contact us
The RBA met industry expectations today, announcing its decision to hold the official interest rate at the record low of 1.5 per cent for August. This marks a full year since the cash rate last moved. The RBA’s media release stated that “Conditions in the housing market vary considerably around the country. Housing prices have been rising briskly in some markets, although there are some signs that these conditions are starting to ease. In some other markets, prices are declining. In the eastern capital cities, a considerable additional supply of apartments is scheduled to come on stream over the next couple of years. Rent increases remain low in most cities. Investors in residential property are facing higher interest rates. There has also been some tightening of credit conditions following recent supervisory measures to address the risks associated with high and rising levels of household indebtedness. Growth in housing debt has been outpacing the slow growth in household incomes.
The low level of interest rates is continuing to support the Australian economy. Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.”
a: 30 Errol Street, North Melbourne 3051
p: 03 9328 1213
f: 03 9329 9030