RBA Interest Rate Announcement August 2015
The RBA decided to leave interest rates unchanged at their August 2015 announcement. It was a relatively long statement from the RBA today unlike the last few and directly affects getting a mortgage in Australia.
Here is the summary of what the RBA said:
- The global economy is moving at a moderate pace.
- Global financial conditions are very accommodative.
- Australian economic growth is below long-term average.
- Labour cost growth remain low leading to inflation to stay within the target range.
- Low interest costs are supporting borrowing and spending.
- RBA working with other regulators to contain risks in the housing market.
- Australian dollar is still high and likely to devalue given lower commodity prices.