Melbourne is set to surge ahead of Sydney and become Australia’s best performing housing market, with last week’s auction clearance rates in the NSW capital the lowest for the year, while action in the Victorian market held up. Only 66 per cent of Sydney homes put to auction last week attracted a buyer, according to …
The probability of recession in Australia is low, but a period of contraction in the economy can’t be ruled out, the Reserve Bank of Australia says. Philip Lowe, deputy governor at the Reserve Bank of Australia, said despite the country’s record of 24 years without recession, predictions of unending expansion would be misplaced. “The probability …
The Reserve Bank has defied mounting global economic gloom, keeping interest rates on hold for the fifth month in a row and expressing confidence in APRA’s efforts to keep a lid on investment lending in the frothy Sydney and Melbourne housing markets. As the International Monetary Fund downgraded its economic growth forecasts yet again, including …
Despite Mounting Global Economic Concerns, RBA Holds Again Read More »
Australia left interest rates unchanged Tuesday after the local dollar recorded the biggest drop among major currencies last quarter, cushioning the impact of lower commodity prices and a weaker outlook in key trading partner China. Reserve Bank of Australia Governor Glenn Stevens and his board kept the cash rate at a record-low 2 percent, as …
