No April Surprise as RBA Leaves Interest Rate on Hold

Sunshine Coast Daily (Maroochydore, Australia), April 5, 2014 | Go to article overview

No April Surprise as RBA Leaves Interest Rate on Hold


TUESDAY'S decision by the Reserve Bank of Australia to leave interest rates steady came as no surprise, according to the Housing Industry Association.

"The Australian economy is growing below trend and the unemployment rate has recently broken the 6% threshold," HIA senior economist Shane Garrett said.

"The maintenance of low interest rates in this context is extremely important.

"Mining investment is slowing more quickly than expected, and the RBA has to offer other sectors of the economy the chance to fill the growth gap.

"Residential building has responded well to low interest-rate settings and this has helped soothe some of the economic weaknesses elsewhere.

"It is vital that low interest rates remain, so as to ensure that the housing recovery reaches its full potential.

"The trade-dependent sectors of the economy are continuing to be punished by the unyielding strength of the Aussie dollar.

"Continued low interest rates will improve the chances of a more competitive dollar eventually coming about.''

1300HomeLoan managing director John Kolenda said while there was continual speculation about the future direction of the cash rate, the reality was that we were likely to be in a low interest-rate environment for some time, which could be the new normal. …

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