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October Interest Rate Announcement

By Rebecca Zhang

The Reserve Bank of Australia has again decided to leave the official cash rate on hold at 2.5%. It is now the 14 months since it has changed.

RBA Governor Glenn Stevens indicated that financial conditions remain accommodative and growth is moderate.

“Interest rates are very low and have continued to edge lower over recent months as competition to lend has increased. Investors continue to look for higher returns in response to low rates on safe instruments. Credit growth is moderate overall, but with a further pick-up in recent months in lending to investors in housing assets. Dwelling prices have continued to rise in recent months.”

Over the next two years, the inflation is expected to be consistent with the 2-3% target.

Since the RBA’s meeting in September, the dollar has fallen 6% to 86.63 US cents, after reaching a year high of 95.04 cents US in July of this year.

The Chairman of mortgage comparison service Loan Market, Sam White, says a stable rate is good news for first home buyers and property owners.

“Spring is traditionally a time for people to be on the move and the fierce competition among lenders, offering extremely low fixed rate products and even cash incentives, means consumers now have more options than ever to secure the best deal,” he says.

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