Interest rates left unchanged in Oz
Australian mortgage holders were left disappointed earlier this week after the Reserve Bank decided against a further cut in the interest rate.
Despite the weight of feeling from the financial industry pointing toward another reduction in the base rate following the two cuts in the last couple of months of 2011 the powers that be decided to leave the cash rate at 4.25 per cent.
Several leading economists view the Bank’s decision as an indication that the economy is in better shape considering the problems faced by other countries together with the Eurozone debt crisis. While some believe a further cut in rates could be on the cards if expected economic growth does not materialise.
Australian real estate experts believe further rate cuts are necessary to help generate home buyer interest across the Australian property markets.