While accumulated household savings are helping cushion impact of high rates, consumer spending is set to slow as borrowers approach record-high mortgage repayments. Over the next 12 months, consumer spending is set to “slow significantly” as excess savings dwindle and mortgage repayments climb to record highs, AMP deputy chief economist Diana Mousina said in the Econosights […]
The Reserve Bank has lifted its projection for the amount of disposable income that will need to be dedicated to scheduled mortgage repayments. In the latest Statement on Monetary Policy (August 2023), the Reserve Bank of Australia (RBA) has projected that scheduled mortgage repayments will “increase to a historical high” of approximately 9.8 per cent […]
The big four banks have adjusted their cash rate forecasts on the heels of interest rates being held steady in August. The Reserve Bank of Australia (RBA) decided to hold the official cash rate at 4.1 per cent for the second consecutive month during its monetary policy meeting on 1 August, prompting the major banks to update […]
The central bank has called the official cash rate for the month of August. The Reserve Bank of Australia (RBA) has confirmed it will hold the official cash rate at 4.10 per cent today (1 August 2023) for the second consecutive month. This is the first time the central bank has held the cash rate […]
While some of the major banks’ economists have revised down their peak estimates for the cash rate, a hike in August remains on the cards. All eyes will be on the Reserve Bank of Australia (RBA) on Tuesday (1 August) as it meets to deliver its next monetary policy decision. The RBA has raised the […]
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