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Interest rates are on hold for another month – that’s the consensus of the Reserve Bank of Australia following its monthly board meeting held today. This leaves rates at a record low of 2.5%.
Professionals CEO, Ted Piteo, said the fundamentals of the Australian economy were strong, with both inflation and unemployment within target ranges, meaning the RBA had no need to adjust its policy settings.
“Home buyers appreciate stability and certainty for interest rates,” Mr. Piteo said. “While it would seem any further interest rate reductions are unlikely, this period of low rates gives people time to plan and save for their deposit, and some certainty moving forward.”