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Interest rate update July

Interest rate update July

Posted - Wednesday, 5 July 2017

The Reserve Bank of Australia has made its official interest rate call for July 2017 following its monthly board meeting.

The RBA met industry expectations today, announcing its decision to hold the official interest rate at the record low of 1.5 per cent for July.

The cash rate last moved in August 2016, shifting down to the current rate.

AMP Capital’s Shane Oliver said: “While downside risks to the growth and inflation outlook have increased, the RBA remains upbeat that growth will pick up particularly after recent solid jobs data.

It probably also remains wary as to whether the Sydney and Melbourne property markets have really started to cool or not.”

CoreLogic head of research, Tim Lawless anticipated a hold verdict, pointing to upbeat labour market reports and a falling unemployment rate: