| As expected the Reserve Bank of Australia cut the cash rate by 0.25% at yesterday’s meeting. This is the first official cash rate move in almost 3 years, and a fresh record low rate. CBA and NAB passed on the rate cut in full, whilst ANZ and Westpac passed on a partial cut. |
The rate cut follows a month of weak economic data, most notably an unexpected rise in the unemployment rate for April to 5.2%. The RBA placed a strong emphasis on the fact that any future cuts will be dependent on the performance of the labour market.
The Australian dollar remains relatively unchanged since the RBA announcement, currently holding just below USD 70c. If you’ve been waiting for the right time to transfer, invest in real estate now could be it. Our Partner Services team will be available to help you over the phone 24/7.