October RBA Decision: Global uncertainty halts rates
With offshore global pressures bearing down on the Australian economy, the RBA has for the tenth consecutive meeting kept the cash rate steady at 4.75%.
Govenor, Glenn Stevens stated that “with labour market conditions now a little softer and households more concerned about the possibility of unemployment rising, the likelihood of a significant acceleration in labour costs outside the resources and related sectors is lessening.”
European and US recession concerns and the slowing Chinese growth have been contributing factors to the RBA’s decision to maintain the cash rate. However, many economists are predicting a rate cut in the near future on the back of the falling Aussie dollar, a decrease in the housing market and increases in the employment rate.
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