Mortgage rates are likely to remain on hold until at least November as companies continue to shed full time employees.
According to the Australian Bureau of Statistics, the number of people employed in full time work fell by 30,800 last month – meaning the number of full time jobs lost in the last year now sits at 217,500.
Analysts are predicting that the Reserve Bank of Australia is likely to leave rates unchanged at their emergency level of 3 per cent when they meet again on 6 October.
“There is no way in the world the Reserve is going to hike in October,” Macquarie Bank interest rate strategist Rory Robertson told The Australian.
“Economic recoveries are barely worth talking about until they are strong enough to stop any downturn in full time employment.”