The Reserve Bank of Australia (RBA) has once again held the official cash rate at 0.10 per cent to support the economy’s pandemic recovery and expansion. To view the official RBA statement from today, please visit the Reserve Bank’s website.
This decision was delivered as expected, keeping in line with RBA Governor Philip Lowe’s previous statements in July, when he said that the bank would not increase the cash rate until actual inflation was within the 2 to 3 per cent target range.
“The Bank’s central scenario for the economy is that this condition will not be met before 2024,” he said.
While a rate hike is likely not in the cards any time soon, Lowe did emphasise that the “condition for an increase in the cash rate depends upon the data, not the date; it is based on inflation outcomes, not the calendar.”
With the cash rate on hold, now is the time to take advantage of competitive mortgage rates. If you’re considering buying property soon, get in touch with us now to arrange your pre-approval.
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