The Reserve Bank of Australia (RBA) has just announced a hold on the cash rate of 4.35% at today’s meeting.
With the June 2024 quarter Consumer Price Index (CPI) coming in slightly lower than some expected at 3.8% and monthly unemployment rising to 4.1% in June 2024, this decision reflects the RBA’s cautious approach and intention to monitor data.
Prior to the last RBA meeting in June, predictions from the big four banks estimated we’d be unlikely to see a rate cut before November 2024. Most economists agree with this sentiment and with inflation slowly being brought under control, are predicting the next movement to be a decrease.
Today’s decision underscores the importance of staying informed about economic developments and their potential impact on your finances.
Whether you’re considering buying a new home, refinancing your mortgage to secure better terms or exploring avenues for property investment, now could be an advantageous time to review your financial strategy.
If you’d like to have a chat about what today’s news means for you and your finances, please don’t hesitate to get in touch.
