Philip Lowe, Governor of Reserve Bank of Australia, has announced its Monetary Policy Decision about interest rate. At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent.

Reserve Bank of Australia board also analyzed Australian housing market in its statement.

According to the Australian central bank, conditions in the housing market vary considerably around the country.

“In some markets, conditions have strengthened further and prices are rising briskly. In other markets, prices are declining. In the eastern capital cities, a considerable additional supply of apartments is scheduled to come on stream over the next couple of years. Growth in rents is the slowest for a couple of decades. Borrowing for housing has picked up a little, with stronger demand by investors. With leverage increasing, supervisory measures have strengthened lending standards and some lenders are taking a more cautious attitude to lending in certain segments.” said in statement.

Source: RBA