The Reserve Bank of Australia has decided to leave the official cash rate unchanged at 1% as it awaits fresh economic data to allow it to assess the impact of its June and July cuts.
In making this decision not to drop rates again the RBA will have considered some early evidence of an improving housing market following its previous cuts. It will also have considered the impact a reduction in rates would have on the Australian dollar and overseas competitiveness.
In the lead up to its September meeting it will continue to monitor inflation, house prices, wages growth, household consumption and concerns around the unemployment level before making its next decision.
Lenders continue to review rates independently of the RBA with some making reductions. It is therefore important to review your lending options regularly to ensure they remain the most suitable for your situation.
There may be different rates available from our wide panel of lenders and I’m always available to ensure you have the right financial solution for your current and future circumstances.
If you’d like to have a chat about what today’s news means for you and your finances, please don’t hesitate to get in touch with an AFG broker.