At its board meeting today the Reserve Bank of Australia decided to leave the official cash rate unchanged.
As widely predicted, the RBA has kept rates on hold as it continues to work in unison with the regulators to stem concerns around the growth of the Sydney and Melbourne property markets.
Assisting the RBA not to make the call to increase rates was the out of cycle rate increases we have seen from lenders over the last week. In many ways these have done the RBA’s job for the moment.
Also weighing on the RBA’s decision not to move rates higher was the continued uncomfortably high unemployment rate and the fact inflation remains within its target range.
Regardless of whether rates move up or down, 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.