RBA Elects to Leave Rates Unchanged

RBA Elects to Leave Rates Unchanged



05/11/13 – The RBA has elected to leave rates unchanged today, with the official cash rate remaining at 2.50%. They cited that accelerating house prices and a positive flow of economic news as a reason to keep rates on hold.

The decision was widely anticipated by the market, with the positives domestic news outweighing the political and economic uncertainty offshore.  The chance of a rate cut shrank to almost zero yesterday as new data showed house prices and retail sales are gaining momentum and the long-run decline in job advertisements was coming to an end.

A solid rise in department store, clothing and footwear sales helped lift national retail spending by 0.8 per cent in September to $22.15 billion, twice as quickly as economists had expected and the biggest monthly rise since February.

Brett Evans is the Managing Director and a Financial Planner with Atlas Wealth Management which is the first financial services firm in Australia to specialise in providing financial advice to Australian expatriates. With over 20 years of experience in the finance and investments industry, Brett has worked for blue chip companies which include the Australian Stock Exchange (ASX), HSBC, Suncorp and Citi Smith Barney.


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