The Reserve Bank of Australia has unveiled its decision on interest rates following its monthly board meeting.
In a widely anticipated move, the RBA left official interest rates on hold for the 10th consecutive month at 1.5 per cent.
It comes amid widespread changes to borrowing rates among the nation’s banks and other lenders, particularly on interest-only loans and mortgages for residential property investors.
All 34 panellists on finder.com.au’s RBA survey, which include senior economists, property professionals and university academics, have forecast the interest rate to remain on hold.
At the board’s previous meeting in June, members noted that the economy’s transition post-mining boom is now almost complete and that the economic growth is expected to gradually increase over the coming years.
However, the board flagged concerns with the employment market, noting that while employment figures have strengthened in recent months, growth in total hours worked has declined and low wage growth is expected to continue for the foreseeable future.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.