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Cash rate cuts may not be over

By James Brown

Buyers of property in Bellmere are already celebrating the decision to cut the official cash rate, but could there be more good news on the cards?

NAB has released its Monthly Business Survey, which indicates that monetary policy settings might soon change and further work to buyers' benefit.

"Our view is that the RBA [Reserve Bank of Australia] will sit back and watch for a few months to see if more needs to be done," the bank stated.

However, it anticipates that another rate cut will be necessary, especially as the economy comes up against challenges such as reduced commodity prices and a lower domestic currency.

As of 4 February, Australian borrowers were able to make the most of the all-time low cash rate of 2.25 per cent following a 0.25 percentage point cut.

NAB believes this could now happen in May, especially given that the RBA made this latest reduction a month earlier than the bank's analysts had expected.

However, this will largely depend on the economic data that emerges over the next few months, as well as what impact the previous rate cut has had.

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