Unemployment rise forces Reserve Bank of Australia's first cash rate movement in more than two years
Quick summary The official cash rate dropped to 1.25 as: · Consumer price inflation hovers around 1.2%; · The Australian dollar fell to 69.12c; · Unemployment increased to 5.2%; · Housing price declines stabilise; and · Home lending continues to cool. Unemployment Rise Forces Rate Drop The Coalition winning the Australian federal election not only came as a surprise, but it also meant that Australian’s dodged unwanted negative gearing changes. A move that many financial and property experts have said would have a profound impact on housing investment. Given this unexpected result, consumer confidence has improved. But despite this unemployment rates rose, forcing the Reserve Bank to drop...