Cash rate update for September 2024

NewsRBA Updates
September 24, 2024

The Reserve Bank of Australia (RBA) has just announced a hold on the cash rate of 4.35% at today’s meeting.

August 2024 data shows unemployment rates steady at 4.2% but this is up from a low of 3.5% in mid-2022. The US Federal Reserve reduced its interest rates by 0.50% to 4.75% last week to limit further deterioration in their job market and economists here are predicting that labour markets are the key to curbing inflation.

Previous forecasts from some of the big four banks, which had suggested a rate cut may happen in November 2024, are now indicating that the RBA is unlikely to lower rates until the new year.

Today’s decision underscores the importance of staying informed about economic developments and their potential impact on your finances.

Whether you’re considering buying a new home, refinancing your mortgage to secure better terms or exploring avenues for property investment, now could be an advantageous time to review your financial strategy.

Any advice contained in this article is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters. Information in this article is correct as of the date of publication and is subject to change.