Rates On Hold For May 2020
Updated: Jun 29, 2020
At its meeting on Tuesday 5th May 2020, the Reserve Bank of Australia (RBA) decided to keep the official cash rate unchanged at 0.25%. This is still the lowest it’s ever been!
In March, the RBA decided to reduce the cash rate twice – firstly to 0.50% and then to a record low of 0.25% as a response to uncertainties surrounding the coronavirus (COVID-19) global crisis. RBA governor Philip Lowe is confident that our economy will recover but the timing depends on how we effectively we manage the virus. He said at the previous meeting, “There is considerable uncertainty about the near-term outlook for the Australian economy. Much will depend on the success of the efforts to contain the virus and how long the social distancing measures need to remain in place.”
Interest rates are at its lowest and is likely to remain low. If you’ve had your mortgage for a while, now is a good time to let us help you review your current loan to ensure it still works for you. Talk to us today!