There are numerous factors the the RBA Board uses to determine the rate movement each month. Domestic and international economic growth numbers, exchange rates, and unemployment rate are all just part of the equation.
Likewise, the RBA has noted that decreased borrowing rates in recent months and the high exchange rate are continuing to have negative effects on the Australian economy. After taking into account other rate reductions over the past 18 months, the Board has, “judged that a further decline in the cash rate was appropriate to encourage sustainable growth in the economy, consistent with achieving the inflation target.”
If you would like to take advantage of these historic low rates, or are simply interested in what options may be available to you, please visit our Banking Specialist Advice page to learn more about the ways we can help make your property goals a reality.