Springtime for record-low cash rate
Just when you think the Reserve Bank of Australia (RBA) has had enough of the record low cash rate of 2.5 per cent, it surprises you one more time.
Yes, you guessed it – the RBA has, for the 14th month in a row, elected to keep the official cash rate the same, putting interest rates on course for their longest ever period of stability.
But while the RBA's steady and measured attitude toward the cash rate may not be exciting for monetary policy wonks, it's sure to provide continued reassurance for those on the lookout for houses and apartments for sale in Broadbeach and other areas of the Gold Coast.
Loan Market chairman Sam White explained that continued low rates would prove advantageous for those house-hunting in spring.
"Spring is traditionally a time for people to be on the move and the fierce competition among lenders, offering extremely low fixed rate products and even cash incentives, means consumers now have more options than ever to secure the best deal," he said in a 7 October release.
The next RBA meeting will be on 4 November, during which it's expected the RBA will continue to leave the rate unchanged.