The Reserve Bank of Australia (RBA) has decided to leave the official cash rate at 3.25%.
This is the wrong decision – the real estate market is continuing to slow and Australia still has the highest cash rates in the developed world.
Credit card and business loan customers have been subsidizing home loan customers for some time and relief is needed urgently for all borrowers – not just home loan customers.
I will discuss the property market in more detail in my “View from the Bridge” article later this week, including a discussion on when and where to buy.
More information: read the official statement from the RBA