With the kick off of the new financial year, at its board meeting today the Reserve Bank of Australia decided to leave the official cash rate unchanged.
The RBA continued its wait and see approach taking into account the latest edition of mixed economic data – including the fact that unemployment has remained steady at 5.7%, while underemployment remains high and real wage growth is low. The decision may also be due to an expectation that future growth forecasts will remain modest, inflation is forecast at the lower end of the RBA’s target range, and signs that housing markets in Sydney and Melbourne may be slowing.
Regardless of whether rates move up, down or stay the same, my role as your mortgage broker remains unchanged. I’m always on hand to ensure you still have the right financial solution for your current circumstances.
If you’d like to have a chat about what today’s news means for you and your finances, please don’t hesitate to get in touch.