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The Reserve Bank of Australia delivered its verdict on interest rates for April 2019, just hours prior to the federal budget being handed down.
Despite both economic growth and inflation continuing to undershoot forecasts, the decision was not a surprise.
The market had forecast only a 4% chance of a change in April, however it has priced in a full 0.25 percentage point rate cut by September.
RBA governor Philip Lowe in his post-decision statement emphasised the strength of the labour market and said the pick-up in wages was a “welcome development”.
“Continued improvement in the labour market is expected to see some further lift in wages growth over time, although this is still expected to be a gradual process,” Dr Lowe said.
However, he conceded GDP data painted “a softer picture of the economy than do the labour market data. Growth in household consumption is being affected by the protracted period of weakness in real household disposable income and the adjustment in housing markets. The drought in parts of the country has also affected farm output. Offsetting these factors, higher levels of spending on public infrastructure and an upswing in private investment are supporting the growth outlook, as is the steady growth in employment.”
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By Wendy Chamberlain
Copyright 2019 | All Rights Reserved
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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.