Australia’s Official Cash Rate Will Remain Steady For April
The official cash rate has remained at the historically low level of 2.5 per cent after the announcement came from the Reserve Bank of Australia earlier this week (April 1). After being dropped to this point late last year, there have been a number of encouraging movements in the economy that highlight the benefit of retaining this low rate.
One of these includes the sustained low interest rates on mortgages across the country, which could illustrate a great opportunity for those looking for home loans in Burpengary to secure a great deal in the coming months.
Across the industry, the decision to keep the cash rate at such a low level didn’t come as a surprise. Shane Garret, senior economist for the Housing Industry Association, said the Australian economy has been undergoing some solid growth over the last few months – especially within the real estate market.
“The maintenance of low interest rates in this context is extremely important. Residential building has responded well to low interest rate settings and this has helped soothe some of the economic weaknesses elsewhere,” said Mr Garrett in an April 1 statement.
“It is vital that low interest rates remain, so as to ensure that the housing recovery reaches its full potential.”