Jobs vacancies figures could trigger interest rate cut

The Reserve Bank of Australia (RBA) has been reluctant to lower interest rates so far in 2012 and has already passed up two opportunities to make a readjustment.

It made two successive cuts in November and December 2011 and many economists had been predicting further action this year, but this has not happened.

The RBA revealed that employment figures on the domestic front and economic conditions around the globe meant that further changes were not necessary.

However, new data released by the Australian Bureau of Statistics has indicated that the number of job vacancies fell in February, which could prompt the RBA to alter its opinion on interest rates.

The total amount of job vacancies across Australia last month stood at 182,200 – down by 0.3 per cent on November 2011. This also represented a drop of 3.9 per cent when compared with February 2011.

Any further reductions to interest rates would be welcomed by Aussies, particularly those who are looking to secure a home loan for the first time.

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