The Reserve Bank of Australia board met yesterday. Following their meeting it was announced that interest rates will remain at their historic low rate of 1.5%. This is the fourteenth month in a row that the official interest rate has remained at this rate.
The Australian Prudential Regulation Authority (APRA) has implemented supervisory measures in order to slow the residential property market and Reserve Bank Governor Mr Phillip Lowe noted in the announcement that the Sydney property market had eased in recent months.
Economists at ANZ Bank are of the tipping that interest rates will raise to 2% by the end of 2018. This is expected to be by way of two interest rate hikes.
