Today 5 May 2015 the Reserve Bank of Australia cut the interest rate to 2%

The post Today 5 May 2015 the Reserve Bank of Australia cut the interest rate to 2% appeared first on Oak Laurel.

Today 5 May 2015 the Reserve Bank of Australia cut the interest rates to 2%

The Reserve Bank of Australia (RBA) met today to consider monetary policy and decided to cut interest rates by 0.25% to 2.00% effective from 6 May 2015.
In making the decision to cut interest rates, the Reserve Bank of Australia Board consider a range of economic factors including inflation, employment, commodity prices and Australia’s terms of trade, weakness in business capital expenditure in both the mining and non-mining sectors, subdued public (Government) spending, the exchange rate, the price of equities, growth in lending to the housing market, dwelling prices including Sydney price rises and prices in other cities.
The statement by the RBA board decided that the interest rate be cut but 0.25% to 2% and conculded that:

At today’s meeting, the Board judged that the inflation outlook provided the opportunity for monetary policy to be eased further, so as to reinforce recent encouraging trends in household demand.Glenn Stevens, Governor, Reserve Bank of Australia

As intended the rate cut will stimulate demand for credit including home loans, investment property loans and business finance.
This latest interest rate cut combined with the previous interest rate cut in Feb 2015, though widely expected, is likely to further stimulate interest in the property market from first home buyers and property investors alike and further push up property prices in selected markets.

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