The Reserve Bank of Australia (RBA) has decided to leave the cash rate unchanged at 0.10%.
The Reserve Bank of Australia (RBA) has decided to maintain the target of 10 basis points for the cash rate.
As mentioned in Governor Philip Lowe’s official statement, “In Australia, the economic recovery is well under way and has been stronger than was earlier expected.”
“Financial conditions remain highly accommodative, with lending rates for most borrowers at record lows and asset prices, including housing prices, mostly increasing. Housing credit growth to owner-occupiers has picked up recently, but investor and business credit growth remain weak.”
“The current monetary policy settings are continuing to help the economy by lowering financing costs for borrowers, contributing to a lower exchange rate than otherwise, supporting the supply of credit needed for the recovery and supporting household and business balance sheets.”
With the RBA committed to keep funding costs low, now is a good time to get a better deal on your existing or future loan.
Get in touch today to see if you can benefit from from this unprecedented low cash rate.
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