Owner-occupiers who are paying principal and interest on their mortgage are being rewarded by the financial institutions with a lower interest rate.
The Reserve Bank of Australia (RBA) has announced its decision on the official cash rate for July amid speculation the central bank has reached the lower bound.
official interest rates to a new record low of 1.5 per cent
At its May board meeting today, the Reserve Bank of Australia has decided to cut the official cash rate to a record low of 1.75 per cent!
The Reserve Bank has again decided to leave official interest rates at the record low of 2.0 percent. Rates have now been on hold for nine consecutive months following the last decrease in May last year.
Official rates remain steady,
Economic outlook remains problematic,
Future rate cuts still possible,
Spring housing markets flatten,
Official rates on hold again over October
Economic outlook remains cloudy
Still a chance of rate cut this year
Housing market weakening