The rising Australian dollar warrants a close eye but the cash rate is expected to remain on hold... Small reprieve for buyers as State Government announces report amendments...
Rising dollar a concern, but RBA rate move unlikely
The rising Australian dollar warrants a close eye but the cash rate is expected to remain on hold when the Reserve Bank of Australia (RBA) meets today.
Thirty-four of 35 (97%) leading economists and analysts in the finder.com.au Reserve Bank Survey expect the cash rate to remain at 2% at the RBA board meeting next Tuesday. The last time the central bank cut the cash rate was in May 2015.
“The RBA will likely be on hold as the domestic economy continues to perform positively with minimal impact from the equity and capital markets volatility from the earlier part of the year,” ING head of treasury, Michael Witts said.
“The RBA will be concerned that the Australian dollar's move higher is contrary to the decrease in the terms of trade of recent years.”
Over half (60%) of those surveyed predict no movement for the rest of the year, with the majority of this group forecasting a rate rise – but not until 2017 at earliest. Just three analysts (9%) expect a fall beyond 2016.
Small reprieve for buyers as State Government announces report amendments
Buyers in New South Wales could soon see a small reprieve in the costs associated with purchasing property thanks to legislation amendments announced by the state government.
New South Wales Minister for Innovation and Better Regulation Victor Dominello last week announced amendments to the Property Stock and Business Agents Regulation 2014 that are aimed at reducing duplication of inspection reports and promoting peer-to-peer services that offer that offer discount reports.
“Building and pest inspection reports can cost anywhere from $200-$600 each, which represents a significant outlay for potential buyers,” Dominello said.
“This reform is a practical demonstration of the NSW Government’s commitment to embracing the collaborative economy. We want to encourage market disruptors whose business models rely on delivering better consumer experience and greater transparency, to flourish,” he said.
The rising Australian dollar warrants a close eye but the cash rate is expected to remain on hold when the Reserve Bank of Australia (RBA) meets today.
Thirty-four of 35 (97%) leading economists and analysts in the finder.com.au Reserve Bank Survey expect the cash rate to remain at 2% at the RBA board meeting next Tuesday. The last time the central bank cut the cash rate was in May 2015.
“The RBA will likely be on hold as the domestic economy continues to perform positively with minimal impact from the equity and capital markets volatility from the earlier part of the year,” ING head of treasury, Michael Witts said.
“The RBA will be concerned that the Australian dollar's move higher is contrary to the decrease in the terms of trade of recent years.”
Over half (60%) of those surveyed predict no movement for the rest of the year, with the majority of this group forecasting a rate rise – but not until 2017 at earliest. Just three analysts (9%) expect a fall beyond 2016.
Small reprieve for buyers as State Government announces report amendments
Buyers in New South Wales could soon see a small reprieve in the costs associated with purchasing property thanks to legislation amendments announced by the state government.
New South Wales Minister for Innovation and Better Regulation Victor Dominello last week announced amendments to the Property Stock and Business Agents Regulation 2014 that are aimed at reducing duplication of inspection reports and promoting peer-to-peer services that offer that offer discount reports.
“Building and pest inspection reports can cost anywhere from $200-$600 each, which represents a significant outlay for potential buyers,” Dominello said.
“This reform is a practical demonstration of the NSW Government’s commitment to embracing the collaborative economy. We want to encourage market disruptors whose business models rely on delivering better consumer experience and greater transparency, to flourish,” he said.
