The Reserve Bank of Australia has kept interest rates steady at 1.75 per cent at its July 2016 board meeting, amid political uncertainty.
The recent Brexit decision and our own political future following the weekend’s Federal Election placed the RBA in a unique situation.
We are currently faced with interesting times. The RBA has decided to take a wait and see approach. With already record low interest rates they have determined to send a clear message that low interest rates are here to stay and we may even see further rate cuts.
We urge those who are seeking to purchase property to ensure that they take a long term approach.
The official cash rate has fallen 300 basis points since November 2011, with the most recent cut of 25 basis points in May 2016. The RBA will next meet on Tuesday, 2 August 2016.
What does the RBA interest rate really mean?
RBA is moving with the flow...