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The Reserve Bank of Australia (RBA) has kept the cash rate unchanged in May following its monthly board meeting, despite surging property prices and a resurgent economy.
RBA governor Philip Lowe said the central bank “would be monitoring trends in housing borrowing and the maintenance of lending standards carefully” given that prices were rising in most markets.
However, the RBA’s board “will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range.”
This is not expected to happen until 2024 at the earliest.
Kind regards,
Declan Hanratty
0409 089 456
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