October Meeting Sees Interest Rates On Hold

The October Reserve Bank of Australia board meeting saw interest rates stay on hold at 1.50 per cent, according to the Real Estate Institute of NSW.

REINSW President Leanne Pilkington said most of the majors and a raft of smaller lenders have already taken matters into their own hands and adjusted their rates despite the RBA’s hold position.

“Consumers are right to be sceptical about the attempts to justify these adjustments, especially against the backdrop of easing house prices,” Ms Pilkington said.

“But there’s no justification for the RBA to exacerbate the situation.”

The RBA cut interest rates by 25 basis points in August 2016 as well as May 2016. There were no changes to interest rates in 2017.

The RBA will next meet on Tuesday, 6 November 2018.