Interest rates remain on hold at 2.5 per cent after the Reserve Bank of Australia met for its June Board meeting today.
REINSW President Malcolm Gunning said it was no surprise that interest rates were kept on hold following the Federal Budget.
“The decision to keep interest rates steady came largely as expected. The Budget and the fall in consumer sentiment which followed, coupled with the steadying demand for housing and a levelling out of the price spiral, left the Reserve Bank with little choice.
“The run of historically low interest rates will come to an end and we encourage those who are thinking of entering the property market to factor this into their budgets,” Mr Gunning said.
The official cash rate has fallen 225 basis points since November 2011, with the RBA cutting interest rates twice in 2013 in May and August. Interest rates have remained unchanged in 2014.
The RBA will next meet on Tuesday, 1 July 2014.
For further information or to arrange an interview with REINSW President Malcolm Gunning, please contact:Helen Hull – 0419 642 961 or email@example.com