RBA announces February cash rate

The central bank has determined the cash rate for February, following its monthly board meeting. The Reserve Bank of Australia (RBA) has announced that it has held the official cash rate at a record-low of 1.5 per cent. All industry pundits surveyed on comparison website’s panel predicted the hold verdict. However, in a reversal of market sentiment, 60 per cent of panellists said they expect the next cash rate move to be a cut. Shane Oliver, chief economist at AMP Capital, observed: “While economic data has generally been soft since the last board meeting in December, it’s unlikely to have been weak enough yet to prompt the RBA to cut rates, particularly given that its bias has

Aussies remain optimistic on property market, despite falling prices

Falling property prices are making headlines across the country, but some Australians are still expecting prices to skyrocket, a new survey shows. Despite the national median house price dropping 6.5 per cent last year, according to the latest Domain House Price Report, about two in five people are still expecting price rises. A survey of almost 2100 people, commissioned by comparison site Canstar, found 5 per cent of Australians expect prices to skyrocket, with an additional 33 per cent expecting steady growth, while a quarter predict prices will remain stable. “It’s a bit optimistic,” said Steve Mickenbecker, Canstar’s group executive of financial services. “All the data and the last 12 mo


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