{"id":13752,"date":"2021-05-05T11:06:43","date_gmt":"2021-05-05T04:06:43","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=12208"},"modified":"2021-06-04T16:12:30","modified_gmt":"2021-06-04T09:12:30","slug":"australias-interest-rates-will-remain-as-low-as-0-1","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/australias-interest-rates-will-remain-as-low-as-0-1\/","title":{"rendered":"Australia’s interest rates to remain as low as 0.1%"},"content":{"rendered":"

The bank will be keeping a close eye on the property market and lending standards, given the environment of rising housing prices and low interest rates<\/span><\/p>\n

\"\"
The central bank had predicted to retain rates at one percent for a plan of three years. Source: HeeroLoo\/Shutterstock<\/figcaption><\/figure>\n

The Reserve Bank of Australia (RBA) holds interest rates at the historic low level of 0.1 percent<\/span>,\u00a0<\/span>maintaining<\/span>\u00a0the current cash rate despite<\/span>\u00a0record house price growth<\/span>\u00a0and home loan\u00a0<\/span>commitments<\/span>, reported\u00a0<\/span>9News<\/a>.\u00a0<\/span>\u00a0<\/span><\/p>\n

RBA Governor Philip Lowe mentioned at the end of last year that the central bank had predicte<\/span>d to retain rates at one percent for a plan of three years,\u00a0<\/span>instead preferring other economic measures to stimulate spending.\u00a0<\/span>\u00a0<\/span><\/p>\n

In his monetary statement last month, Governor Lower said that the RBA will be carefully examining the property market to make sure borrowers are not taking mortgages on risky terms.<\/span>\u00a0<\/span><\/p>\n

“Housing markets have strengthened further, with prices rising in all major markets. Housing credit growth has picked up, with strong demand from owner-occupiers, especially first-home buyers,” said Lowe.<\/span>\u00a0<\/span><\/p>\n

“Given the environment of rising housing prices and low interest rates, the Bank will be monitoring trends in housing borrowing carefully and it is important that lending standards are maintained.”<\/span>\u00a0<\/span><\/p>\n

AMP Capital\u2019s chief economist, Shane Oliver, said he anticipates rates to increase sooner than the RBA\u2019s three-year target.\u00a0<\/span>\u00a0<\/span><\/p>\n

Oliver said, “While the economy is recovering faster than expected, the RBA is still a long way away from seeing its stated requirements for a rate hike \u2013 being a tight jobs market, wages growth well above three percent and actual inflation sustainably within the two to three percent target range.\u201d <\/span>\u00a0<\/span><\/p>\n

More: Australians offer up to $100 extra per week to secure a home<\/strong><\/a><\/p>\n

“<\/span>So<\/span>\u00a0a rate hike is still a fair way off although I think it will come before the RBA’s expectation for ‘2024 at the earliest’,\u201d he added.\u00a0<\/span>\u00a0<\/span><\/p>\n

Mala Raghavan from the College of Business and Economics at the University of Tasmania said<\/span>\u00a0the central bank would contemplate lifting above one percent\u00a0<\/span>only when\u00a0<\/span>several indicators\u00a0<\/span>have been\u00a0<\/span>met.\u00a0<\/span>\u00a0<\/span><\/p>\n

“The cash rate will only start moving upwards when inflation and unemployment rates are comfortably above two percent and below six percent respectively. It might take a while to achieve these targets,” Raghavan said.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The bank will be keeping a close eye on the property market and lending standards, given the environment of rising housing prices and low interest rates<\/p>\n","protected":false},"author":12,"featured_media":19588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[149,1339,1340,1341],"class_list":["post-13752","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-australia","tag-interest-rates","tag-property-boom","tag-reserve-bank","news_country-australia","news_author-property-report"],"acf":[],"yoast_head":"\nAustralia's interest rates to remain as low as 0.1% | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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