News

Interest rates…. ON HOLD!

By Shelley Bakhuizen

Australia’s official interest rates remain the same for another month

  • Official interest rates steady over August
  • Latest economic data mixed
  • Steady outlook remains for rates
  • Midwinter housing markets revive as taxes change

Official interest rates will remain at the record low level of 1.5 per cent over August for the twelfth consecutive month.

Although latest economic data is clearly mixed, the Reserve Bank is set to maintain its conservative approach to official rate settings.

The ABS national June jobless rate remained at a four-year low, but rates in Melbourne and Brisbane have risen sharply over the past year.

The central bank is set to maintain its conservative approach to official rate settings. Photo: Louie Douvis

The ABS June quarter headline inflation result was disappointing, increasing by just 0.2 per cent over the quarter and up by 1.9 per cent over the year.

The recent surge in the Australian dollar would also concern the Reserve Bank.

Midwinter housing markets have revived over July, with increased demand from first home buyers in NSW and Victoria a contributing factor following cuts to stamp duty effective from July 1.

Andrew Wilson is Domain Group Chief Economist
Twitter@DocAndrewWilson 
Join on LinkedIn and Facebook at MyHousingMarket

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