As lenders continue with their out of cycle rate increases and with the growing probability that the government’s bank levy will be passed onto customers, the Reserve Bank of Australia today decided to leave the official cash rate unchanged.
In continuing to adopt a wait and see approach the RBA took into account the latest set of mixed economic data. Unemployment has fallen from 5.9% to 5.7% and retail spending was up 1% in April but there are signs that the housing markets in Sydney and Melbourne are slowing and economic growth data due out tomorrow is expected to be lower.
Regardless of whether rates move up, down or stay the same, my role as your mortgage broker remains unchanged. I’m always on hand to ensure you still have the right financial solution for your current circumstances.
If you’d like to have a chat about what today’s news means for you and your finances, please don’t hesitate to get in touch.