RBA Rate Announcement

The Reserve Bank of Australia has made its final interest rate decision of the year at its monthly board meeting. 

The board confirmed most punters expectations by leaving the official cash rate at a record-low setting of 2 per cent, where it has been since May.

All 33 economists and commentators recently surveyed by comparison website finder.com.au called today’s result.

At various times this year, there has been talk that the RBA might either cut rates to stimulate the economy or increase rates to cool the Sydney and Melbourne property markets.  The banks recently did that job for them, increasing rates out of cycle.

However, with the economy growing slightly stronger and the nation’s two biggest housing markets slowing down, those two concerns appear to have cancelled each other out.

Commsec economist Savanth Sebastion has said that the RBA is comfortable with how the economy is evolving and so is in ‘wait and see” mode.

Domain Group senior economist Andrew Wilson said the RBA wanted to hold off until the next US rate decision, which will occur 16 December.

After today’s decision, speculation will begin about what the RBA will do at its next board meeting in February.

Most Economists expect rates to remain on hold.

Based on 3 per cent real GDP growth, it certainly looks like the economy is ending this year on a more positive note.

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Sutherland shire suburbs

Alford Point, Bangor, Barden Ridge, Bonnet Bay, Bundeena, Burraneer, Caringbah, Commo, Cronulla, Dolans Point, Engadine, Grays point, Greenhills Beach, Gymea, Heathcote, Illawong, Jannali, Kangaroo Point, Kareela, Kirrawee, Lilli Pilli, Maianbar, Oyster bay, Miranda, Sandy Point, Sutherland, Sylvania, Taren Point, Waterfall, Woolooware, Woronora, Yarrawarrah and Yowie Bay.

St George area

Allawah, Banksia, Bardwell Valley, Bexley, Beverly Park, Blakehurst, Brighton Le-Sands, Carlton, Connels Point, Hurstville, Kogarah, Kyeemagh, Kyle Bay, Lugarno, Monterey, Mortdale, Narwee, Oatley, Peakhurst, Penhurst, Ramsgate, Riverwood, Rockdale, Sandringham and Sans Souci.

Inner West includes the suburbs of

Annadale, Ashfield, Balmain, Birchgrove, Dobroyd Point, Dulwich Hill, Enmore, Haberfield, Leichhardt, Lewisham, Lilyfield, Marrickville, Petersham, Rozelle, Stanmore, St Peters, Summer Hill, Sydenham, Tempe, Camperdown, Croyden, Croyden Park, Hurlstone Park and Newtown.

Eastern suburbs

The suburbs surrounding the southern shores of Sydney Habour:
Vaucluse, Rose Bay, Darling Point, Double Bay, Point Piper, Woollahra, Edgecliff, Woolloomooloo, Watson Bay, Potts Point, Rushcutter Bay, Elizabeth Bay, Bellevue Hill, Waverley and Bondi Junction.

Coastal

Dover Heights, Bondi, Bronte, Tamarama, Clovelly and Coogee.

Inner City

Darlinghurst, Surry Hills, Moore Park, Centennial Park, Paddington and Queens Park.

South West

Kingford, Kensington and Randwick.