On Tuesday the Reserve Bank Board made the decision to cut the official cash rate by 25 basis points to 1.00% - a new record low and the first time we’ve witnessed back-to-back cuts since 2012.
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With the RBA’s next meeting less than a week away, it's looking more and more likely that we’ll see another reduction to the cash rate. RBA Governor, Philip Lowe said as much a few days ago, stressing that while the economy’s vital signs have remained fairly stable, there’s a lot of room for improvement.
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It’s been on the cards for a while, but a cut to the RBA’s official cash rate cut could finally be just around the corner. This could mean relief for borrowers, but according to Mozo Data Manager Peter Marshall, it’s not that simple.
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Although the Reserve Bank’s October meeting isn’t likely to bring a change in interest rates, things aren’t as cut and dried as they might seem, and an even lower cash rate could still be in our future, according to Mozo Data Manager Peter Marshall.
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The RBA is set to meet next Tuesday, and the chances of a rate rise to 1.75% seem to be ‘slim to none’ according to the majority of experts.
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There’s been a lot of talk about a rate rise - or eight - in Australia’s future, but those in the know are cautioning that there’s not likely to be any change announced at the August RBA meeting.
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This July, the Reserve Bank has left the official cash rate on hold at a record low of 1.50%, where it’s been since August 2016.
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Interest rates are likely to remain on hold at 1.5% this month, and probably right through to the end of 2018, given current economic factors.
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Rates are likely to remain on hold in June and for a long while to come, but a new record low cash rate isn’t entirely off the cards for the future, according to Mozo Data Manager Peter Marshall.
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The RBA official cash rate has held steady at 1.50% since August, and it’s likely to stay there for another month in the lead up to the May Budget announcement.
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