The Reserve Bank of Australia (RBA) has just announced a hold on the cash rate of 4.35% at today’s meeting.

With the June 2024 quarter Consumer Price Index (CPI) coming in slightly lower than some expected at 3.8% and monthly unemployment rising to 4.1% in June 2024, this decision reflects the RBA’s cautious approach and intention to monitor data.

Prior to the last RBA meeting in June, predictions from the big four banks estimated we’d be unlikely to see a rate cut before November 2024. Most economists agree with this sentiment and with inflation slowly being brought under control, are predicting the next movement to be a decrease.

Today’s decision underscores the importance of staying informed about economic developments and their potential impact on your finances.

Whether you’re considering buying a new home, refinancing your mortgage to secure better terms or exploring avenues for property investment, now could be an advantageous time to review your financial strategy.

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.

The Reserve Bank of Australia (RBA) has just announced a hold on the cash rate of 4.35% at today’s meeting.

This decision reflects the RBA’s cautious approach and intention to monitor data amidst a backdrop of mixed economic indicators:

• Inflationary pressure continues with the March Consumer Price Index (CPI) coming in at 3.6%, which was higher than expected.
• Unemployment fell to 4% in May, reflecting continued strong labour markets.
• Gross Domestic Product (GDP), a measure of economic growth, rose by only 0.1% in the March quarter and 1.1% (seasonally adjusted) for the year. Outside of the COVID period, this is one of the lowest rates of growth recorded in the last 20 years.

The announcement to hold rates coincides with predictions from the big four banks that the RBA won’t move to reduce rates in the near future, with the earliest estimate of a rate cut from that cohort being November 2024.

Today’s decision underscores the importance of staying informed about economic developments and their potential impact on your finances.

Whether you’re considering buying a new home, refinancing your mortgage to secure better terms or exploring avenues for property investment, now could be an advantageous time to review your financial strategy.

For anyone with a mortgage, or if you are thinking about the prospect of one, to fix or not to fix the home loan rate is a hot topic. While we would need a crystal ball to know just where the cash rate and associated fixed rates might land in the year ahead, our lead article drills down into market predictions, and what you should consider if you’re thinking of locking in a fixed term.

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The Reserve Bank of Australia (RBA) has decided to again hold the official cash rate at 4.35%.

The decision to maintain the cash rate comes after March 2024 data showed inflation remains persistently high.

The Reserve Bank of Australia (RBA) has decided to again hold the official cash rate at 4.35%.

The decision to maintain the cash rate follows relatively stable inflation rates over the last quarter.