This week there has been an abundance of mixed economic data, both positive and negative indicating a rise in the consumer price index, a surge in housing prices and an unexpected lift in the unemployment rate. All of which would have contributed to the Bank’s decision to sit on the sidelines this month. The coming 90 days will be particularly interesting with rate announcements – the Reserve Bank has grounds for a rate increase or if conditions improve it could seek to perhaps fight inflation by using more restrictive policy
This did not come as any great surprise as most economists predicted that a rate cut was unlikely given the present state of the economy, however several economists are now predicting that the next interest rate move will be upwards.
All lenders are under more pressure than ever to give you a better deal. Click here to see how your loan stacks up against the competition. In the meantime stay posted for more announcements as we keep you updated with all that is happening in the Australian economy.
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