· The RBA has held its interest rate at a record low of 1.5% for 22 months in a row, citing below target inflation, weak wage growth and debt laden households as grounds for sitting on its hands.
· This year the Reserve Bank of Australia (RBA) has continued to cut interest rates leaving the base rate at a record low of 1%. The change in monetary policy has so far failed to stimulate growth in the Australian economy which has resulted in the RBA board looking at alternative methods of stimulus to try and aid the struggling economy.
Bill Evans, analyst at Westpac, suggests that the RBA’s forecasts in the August Statement on Monetary Policy are downbeat for wages employment and inflation despite factoring in 50bps of cuts in the cash rate. Key Quotes “As such, two moves look assured, consistent with Westpac’s forecast for cuts in October and February.
If banks pass on the RBA’s 25 basis point interest rate cut in. pass it on next time. "However, our research shows that the average online savings account rate has followed the cash rate when it.
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· Philip Lowe has implored the "political class" to pursue wide-ranging productivity reforms, such as increasing the GST, if it wants to avoid interest rates being cut to zero.
“This optimism for future employment has. so there is no case for any near-term change in policy." Mark Crosby, Monash University (Hold): "The RBA have signalled that they will keep rates at low.
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“While the RBA has room to cut its cash. increase their rates at the next opportunity, most likely in the second half of the year once the election is out of the way.” Finder only provides general.
Only one economist, Savanth Sebastian of CommSec, predicts a cut, saying, “the low inflation result opens the door for the Reserve Bank to cut rates. next likely move. Half of the 24 experts.