Some news to lighten the gloom
Rates are holding. But how will that affect the spring market?
The market finally received some good news this week, the first positive signals in what has become an increasingly gloomy environment heading into spring.
The Reserve Bank chose to hold steady on the cash interest rate despite the spectre of rising inflation, giving home owners and would-be buyers at least one more month’s reprieve (assuming, of course, the banks don’t raise mortgage rates independently).
The Australian economy has also put in a better-than-expected performance in the June quarter, boosting hopes the latter half of the year may close out on a strong note despite continuing global economic instability.
Victoria managed to dodge a bullet when it came to the unemployment rate, which held steady at 5.1 per cent here but rose to a 10-month high of 5.3 per cent nationally.