The Reserve Bank has kept the cash rate at a record low 2.5% for the 12th consecutive meeting, the longest period of stability since 2006. The interest rate was most stable 18 years ago, when the RBA kept the interest rates at 7.5% for 17 consecutive meetings between February 1995 and July 1996. To match this feat, the interest rates should be on hold until April next year – matching majority of analyst forecasts.
Forecasts vary as to when the interest rate changes will occur, but all major players are unanimously expecting a rate hike as early as February next year to as late as the first quarter of 2016.
Read more about this on the Sydney Morning Herald website.