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RBA Holds Interest Rate Again

by Wendy Chamberlain on June 4, 2014

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Interest rates remain at their present levels and are expected to remain that way until the end of the year. The Reserve Bank of Australia (RBA), in their official meeting today, decided to keep the cash rate steady at 2.50 percent – a decision that was already expected by many sectors.

RBA cash rate

The decision is said to benefit a third of Australian households that are still paying their mortgage. It is also seen as an advantage to Australian consumers who can benefit from a competitive home loan at this time. Fixed rate loans offering incredible rates are available right now providing an opportunity to save on home loans.

With this latest announcement on interest rates, the issue regarding a housing bubble appears to have cleared. This is after a leading data house has confirmed the peak performance and cooling down of the Australian housing market. The national price average has dropped by 1.9 percent in the last quarter.

Meanwhile, most economists are hopeful the next interest rate review will result in an increase in rates.

Last April, the RBA announced the same 2.50 percent rate and an overall policy of stability. RBA Governor Glenn Stevens even said the steady rate would support housing demand and help fuel growth in the property market.

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By Wendy Chamberlain
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