The Reserve Bank of Australia looks like it will announce today that the current official interest rate will not change for the time being, maintaining at 1.0%.
This week, there will be economic data published to see if the central bank’s interest rate cuts in the past two months have contributed to the Australian economy.
Economists and the market also expect that when the Australian Central Bank holds a board meeting today, it will decide to keep the official interest rate unchanged.
They predict that the Reserve Bank of Australia will cut interest rates again by the end of this year.
On Wednesday, the Australian Bureau of Statistics will release data on new loans for June, which will give the Reserve Bank of Australia a look at whether it needs to cut interest rates.
The market expects the next rate cut by the Reserve Bank of Australia to be in October or November this year.
The Australian Bureau of Statistics statistics on mortgage data should be able to clearly indicate that the Reserve Bank of Australia cut interest rates, whether it has a stimulating effect on the housing market in Sydney and Melbourne.
In May of this year, Australia’s new home loan project fell by 2.4%, because investors were waiting to see during the election, not willing to buy a house.
The market expects new home loans to improve by 0.4% in June, while Westpac’s Bill Evans forecasts 1.0%.
The June consensus forecast is a 0.4% improvement, while Westpac’s Bill Evans has an improvement rate of 1.0%.