Cash Rate – No change
The Reserve Bank of Australia (RBA) has just announced it will maintain the official cash rate at 1.50%.
Yesterday we heard that retail sales increased by a better than expected 0.4% in April (against an anticipated 0.3%) and company profits rose 5.9% in the March quarter, influenced in particular by a 11.0% increase in mining profits. Tomorrow we should see Australia’s GDP figures for the March quarter lift by 0.8% or 0.9%. Notwithstanding these positive results the RBA remains comfortable to remain on the sidelines, possibly until well into 2019, until we see an increase to both our inflation rate (currently 1.9%) and wages growth.
For more information, or if you would like a free review of your residential, commercial or SMSF loans against other competitive products in the market please contact Peter, David or Simon via this email, our phone: (03) 9882 2500, or visit www.firstpointgroup.com.au