The Reserve Bank of Australia has retained the official cash interest rate at its lowest level of 0.25 percent.
RBA Governor Philip Lowe noted “As difficult as this is, the downturn is not as severe as earlier expected and a recovery is now under way in most of Australia”.
Although under employment and unemployment remain high, Dr Lowe said employment had increased in June and July.
“The virus outbreak in Victoria and subdued growth in aggregate demand more broadly mean that it is likely to be some months before a meaningful recovery in the labour market is under way” said Dr Lowe.
“Wage and prices pressures remain subdued and this is likely to continue for some time”.
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By Wendy Chamberlain
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With a passion for all things real estate spanning over 20 years, Wendy loves that her role as a Buyers Agent and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.wendychamberlain.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.