APRIL INTEREST RATE ANNOUNCEMENT: RBA KEEPS CASH RATE STEADY AT RECORD LOW OF 0.10 PER CENT

Despite the most rapid surge in home prices in 32 years, the Reserve Bank of Australia is to hold the record low interest rate of 0.10 per cent steady, it announced after its monthly meeting on April 6.

In good news for first-home buyers trying to break into the market, and continued encouragement for investors to return, RBA governor Philip Lowe has indicated he’s determined to resist calls to raise the rate in order to cool red-hot property prices.

“It’s all about ‘steady as she goes’,” said Westpac senior economist Matthew Hassan. “He’ll want to get us over the end of JobKeeper and JobSeeker … and make sure everything else is going well.

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