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Rates remain steady

Rates remain steady

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The Reserve Bank of Australia has today decided to leave the cash rate unchanged at 4.75 per cent.

This is the seventh consecutive month that interest rates have been left untouched, the longest hold since 2007.

Home owners facing rising living costs can breathe a sigh of relief according to Loan Market chief operating officer Dean Rushton.

“Given the struggles the retail sectors are having, a rate rise could have been the final straw for many,” Mr Rushton said.

“Recent employment numbers have added to the conflicting economic data and more time is needed to get an accurate read on the state of the economy.”

Mr Rushton said the RBA decision was the correct call in the current economic climate where the property market has softened.

“The housing finance numbers for April are due out tomorrow and will clearly show that consumers are neither borrowing nor spending of their own accord.

“They don’t need any assistance from the Reserve Bank in that regard.”

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Rates remain steady
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