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Enjoy the all-time low cash rate for another month

By James Brown

It was announced earlier this week that the official cash rate would be staying at two per cent for a while longer, bringing good news if you've yet to buy property in Caboolture.

The Reserve Bank of Australia's (RBA) governor Glenn Stevens reflected on conditions in the national economy, concluding that there are still some improvements to be made. Although growth is apparent, it's below the long run average, which is something that will need to be addressed moving forward.

This makes it the second month in a row that the cash rate has been at its all-time low of two per cent, and there's already speculation over how long this will continue for. Commenting on how the RBA will react to economic conditions moving forward, the Housing Industry Association (HIA) believes there is a chance the cash rate will stay low for some time.

"Holding rates steady, with the door ajar for a further reduction if required, is the appropriate stance under current economic conditions," noted HIA chief economist Harley Dale.

He emphasised that the decision to maintain the cash rate was unanimously expected, leading the HIA to predict that the current rate will remain in place for some time to come. 

Mr Stevens stressed that some parts of the economy are performing in line with expectations, or in the case of construction, higher than anticipated. Australia is currently enjoying high levels of building, opening up new build properties to anyone yet to enter the market.

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