The Reserve Bank of Australia has left official interest rates on hold as it awaits further insights into the struggles facing the broader economy.
Figures from the Australian Bureau of Statistics ahead of the decision firmed up market expectations of an interest rate cut later this year.despite rate cuts and the government's tax cuts that started to flow that month. The Australian dollar fell below the US67¢ mark after the release of the retail figures and was trading at US67.07¢ shortly after the RBA's announcement.
Dr Lowe said there were signs of a turnaround in the property markets of both cities but noted that new building activity had weakened. CoreLogic research director Tim Lawless said house prices were clearly responding to the RBA's previous rate cuts and could cause concern of more "market exuberance" at a time of record-high household debt. He said this might force banking authorities to tighten lending restrictions.
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