Macquarie Bank interest rate report

Ben Forrester, Associate Director, Macquarie Wealth Management
Tuesday 03 July 2018

RBA keeps rates on hold at 1.5%

03 Jul 2018

July is the 23rd month that the Reserve Bank has kept interest rates on hold at 1.5%.

The economy continues to gradually improve, supported by above-trend global growth, however it is simply not improving fast enough to move the RBA Board at this time. Unemployment remains around 5.5%, wages growth is 2%, average earnings growth is weaker and market determined inflation is below 1% per annum, which remains below the RBA’s preferred two to three per cent range.

Macquarie now believes the RBA won’t need to lift the cash rate until early 2020.

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