Contact Us

John Symond Predicts Further Rate Cuts Later This Year

It was not a big surprise, but definitely a welcome move. The Reserve Bank of Australia (RBA) cut rates by a quarter of a basis point to 3.25% on Tuesday, the first rate movement since June's 0.25% drop.
    SYDNEY, AUSTRALIA, October 05, 2012 /24-7PressRelease/ -- It was not a big surprise, but definitely a welcome move. The Reserve Bank of Australia (RBA) cut rates by a quarter of a basis point to 3.25% on Tuesday, the first rate movement since June's 0.25% drop.

The cut is the RBA responding to global uncertainty and a slowing Chinese economy which impacts on our mining sector. Economists are also watching the US money markets closely as they haven't recovered as quickly as predicted.

"I hope this rate cut boosts people's confidence as I believe we are nearing the bottom of the housing market, and the next few months will see gradual increase in house prices," says John Symond.

"According to RP Data research, we have already seen some increases."

"The upside is that this rate cut is a good way for you to get ahead with mortgage or loan repayments and should provide further impetus for first home buyers to enter the market. I also believe there may be further rate cuts later in the year, if not in early 2013."

Source: http://www.aussie.com.au/about-us/news/symond-predicts-cuts.htm


# # #

Read more Press Releases from Fiona Hamann:


Comment on this story...

Share This Story


Email this Story

Contact Information


Fiona Hamann
Aussie

Sydney, NSW
Australia
Voice: (02) 8297 0560
E-Mail: Email Us Here
Website: Visit Our Website

Like This Story?


I like it! 0

Disclaimer


If you have any questions regarding information in this press release, please contact the person listed in the contact module of this page. Please do not attempt to contact 24-7 Press Release Newswire. We are unable to assist you with any information regarding this release. 24-7 Press Release Newswire disclaims any content contained in this press release. Please see our complete Terms of Service disclaimer for more information.