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No change to interest rates

The decision to leave interest rates unchanged is welcomed news to all investors, and the outlook looks good for stable rates into the near future.

As was widely predicted, the Reserve Bank of Australia (RBA) this week left the official cash rate on hold at six per cent.     

The RBA last raised rates in May and August this year, amid concerns about rising inflation and strong global demand. Economists have been suggesting that there would be no changes likely until November 2006, despite the lack of dramatic effect on the domestic economy. 

In fact, households borrowed $33.4b during the June quarter 2006, an increase of $11b over March quarter, according to the latest figures released this week by the Australian Bureau of Statistics.

Households raised a net $34.4b during the June quarter 2006, up from the $22.9b raised during the March quarter 2006. Households borrowed $21.4b from banks (of which $10.0b was for owner-occupied housing and $5.2b for investment housing) and $13.3b from other financial intermediaries.

- interest, rate, rise, RBA

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