The RBA has decided to leave the official cash rate unchanged at 1% as it continues to assess the impact of its June and July cuts. In making this decision not to drop rates again the RBA will have considered emerging evidence of an improving housing market, supported by strong auction clearance rates in Sydney and Melbourne.
In the lead up to its October meeting there will be a strong focus on economic growth with fears that data due out tomorrow (September 4th 2019) will show that expansion in the Australian economy is at its weakest point since the GFC.
It is always important to review your lending options regularly, as some lenders continue to make reductions independently of the RBA.
If you’d like to discuss what today’s news means for you and your finances, please don’t hesitate to contact us.