Invest
Latest cash rate call revealed
The Reserve Bank of Australia has just announced its cash rate call for the month of October.
Latest cash rate call revealed
The Reserve Bank of Australia has just announced its cash rate call for the month of October.
After 25 consecutive months of keeping interest rates on hold, the RBA board has again decided to keep the cash rate unchanged at 1.5 per cent.
All 31 of the experts and industry commentators on finder.com.au predicted that rates would remain on hold again this month.
ABC Bullion chief economist Jordan Eliseo said the RBA was encouraged by recent economic data, including better than expected employment and growth figures.
“Having said that, low wage growth and underemployment are still factors, whilst the negative wealth effect from falling house prices has months, if not years to play out,” said Mr Eliseo.
“This, coupled with the likely slowdown in employment growth in the months ahead, will keep the RBA on hold for months to come.”
My Housing Market chief economist Andrew Wilson said that although recent data remains positive overall with lower jobless rate, declining budget deficit and a steadying dollar, concerns are increasing regarding rising trade barriers imposed particularly by US and China.
“Increased fuel costs will also be concerning the RBA with wages yet to rise as expected. Rates will remain on hold and the case for a near-term cut - although clearly an outside chance - is strengthening,” said Mr Wilson.
Laing and Simmons managing director Leanne Pilkington said most of the majors and a raft of smaller lenders have taken matters into their own hands and adjusted their rates despite the RBA’s hold position.
“Consumers are right to be sceptical about the attempts to justify these adjustments, especially against the backdrop of easing house prices, but there’s no justification for the RBA to exacerbate the situation,” said Ms Pilkington.
RELATED ARTICLES
Spending
Moneysmart study reveals Gen Z women more concerned about finances than men
A new research conducted by ASIC’s Moneysmart has unveiled the heightened levels of stress and concern regarding finances and the cost of living among Australian Gen Z women compared to their male ...Read more
Spending
The cost of politeness: Aussies out of pocket by $1,350 due to 'awkward tax'
It's the time of year when Australians dive into their pockets for festive events and gatherings, yet a recent study by PayPal suggests that many are too polite, or perhaps too embarrassed, to ask for ...Read more
Spending
Aussies can ‘NAB Now Pay Later’ with the last major bank to embrace BNPL
NAB has become the latest bank to enter the BNPL market. Read more
Spending
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. Read more
Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. Read more
Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. Read more
Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. Read more
Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. Read more
Spending
Moneysmart study reveals Gen Z women more concerned about finances than men
A new research conducted by ASIC’s Moneysmart has unveiled the heightened levels of stress and concern regarding finances and the cost of living among Australian Gen Z women compared to their male ...Read more
Spending
The cost of politeness: Aussies out of pocket by $1,350 due to 'awkward tax'
It's the time of year when Australians dive into their pockets for festive events and gatherings, yet a recent study by PayPal suggests that many are too polite, or perhaps too embarrassed, to ask for ...Read more
Spending
Aussies can ‘NAB Now Pay Later’ with the last major bank to embrace BNPL
NAB has become the latest bank to enter the BNPL market. Read more
Spending
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. Read more
Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. Read more
Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. Read more
Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. Read more
Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. Read more
