For the 3rd time in five months the Reserve Bank of Australia has decided to reduce the official cash rate, this time to 0.75%, in a concentrated effort to boost the economy.
Your finances can get a bit out of control sometimes for all sorts of reasons. Whether it’s through illness, divorce, redundancy, or sometimes just getting overwhelmed with things to do and accidentally missing a bill payment. The end result can be that you get put in the bad credit basket. Even if you sort it out and pay the overdue bills or fix up a default on a loan repayment, it can still end up on your credit file. (a record of your credit history maintained by credit reporting agencies like Equifax)
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.
More than 2.4 million Australians are self-employed, including 1 million who operate as sole traders.
If you are one of these 2.4 million, you’ll know how rewarding it can be – more flexibility with your work hours, better work life balance, you get to choose who you work with, you have the option to work where you like, you have more control over your income, and there are possible tax advantages.
However, sometimes, it can be a little more challenging, especially when it comes time to buy a home. This is because you will need to demonstrate a stable income and continuity of employment and this can often be difficult.
The Reserve Bank of Australia has decided to leave the official cash rate unchanged at 1% as it awaits fresh economic data to allow it to assess the impact of its June and July cuts.