Dude, where's my rate rise?
- Official Cash rate remains at 4.75%
- Continued Global and Local Economic expansion a key factor
- Effects of Natural disasters both in Japan and Australia also influences
To the delight of mortgage holders across the land, the Reserve Bank of Australia has decided to keep a potential rate rise on ice, making it four months since we’ve seen any real action from the RBA team over at No. 1 Martin Place. Citing the overall global economic recovery and expansion counterbalanced by natural disasters both in Japan, NZ and Australia, Reserve Bank Governor Glenn Stevens argued that keeping the status quo was the most prudent move looking ahead.
It’s hardly a surprise, with economists and experts from the ABC, Fairfax and News Ltd all declaring in the lead up that a rate rise today was about as likely as Sophie Monk winning an Oscar. Whilst at the start of the year we all thought a rate rise would be close to due by now, it seems we’ll have to wait a fair way longer yet.
As for the banks?
Could they move? Call it a long shot, but stranger things have happened and knowing those rascals, anything’s possible. Keep your eyes here as Mozo’s rate chasers bring you all the latest news as it happens.
How much longer till the Reserve Bank moves on interest rates again? Join the conversation at the new money forum, Mozo Answers now!
Switch & Save Calculator
Compare savings from over 100 credit cards.
How much could you save by switching your credit card?
Find out in a few clicks.