The first announcement for 2016 has just been released and we have the news for you hot off the press.
The Reserve Bank of Australia has again decided to leave the official cash rate at 2.00%.
This approach was predicted by many commentators as the Reserve Bank assesses the impact of the lower Australian dollar, falling fuel prices, a volatile share market and a slowing housing market. The lower Australian dollar and resultant increase in the cost of imported goods offset cheaper petrol prices and saw a slightly unexpected increase in the latest CPI figures. In reaching the decision to leave rates unchanged it appears the RBA has balanced any future currency-driven inflationary threat out against the jittery share market and more cautious housing market.
Even though the cash rate has remained unchanged, lenders are making daily changes to lending rates so it's still wise for us to talk if we haven't spoken in a while to ensure you're still in the right finance solution.
Get in touch today to make sure you are taking advantage of regular changes in the increasingly competitive mortgage market.
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