October cash rate steady

The Reserve Bank of Australia has announced its October cash rate decision, following a month of declining auction clearance rates and volatile share market activity.

The RBA has resolved to keep the official cash rate on hold at 2.00 per cent following its meeting this afternoon.

The decision is in line with the predictions of the majority of Smart Property Investment’s investment commentators.

Liz Sterzel, managing director of Property Wizards, said that changes to the political landscape and respectable retail spending figures meant it was too soon for the RBA to consider a downward shift.

“On the positive side, retail sales are up, the economy is moderating but still growing, and the new prime minister is aiming to restore confidence in the economy,” she said.

“The low Australian Dollar is helping the economy by making exports and tourism more attractive, and the record low interest rates are helping lift construction and services investment.”

Cate Bakos, of Cate Bakos Property, predicted that a slowdown in the housing market would negate any need for the RBA to shift rates up.

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