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What you need to know:
Yesterday the Reserve Bank of Australia met for its August meeting and decided to cut the official cash rate by 25 basis points to a record low of 1.5%.
• National unemployment rate increased slightly over June but remained below 6 per cent for the fourth consecutive month for first time in two years. This suggests the economy is starting to respond to previous RBA stimulus
• The sharemarket has now steadied and is showing signs of a consistent recovery. International markets still seem fragile, but it looks like we're passed the worst of Brexit.
• The trend for home building approvals for both houses and units has increased but although still strong remains below the peak levels of last year.
• Housing markets continue to benefit from lower mortgage rates with robust buyer activity translating into recent solid price growth in most capitals. Auction activity has also increased in the majority of capital cities over July.
• Latest inflation data has confirmed underlying prices growth well below the bank’s preferred range. Providing a clear catalyst for the cut.
• Global economic developments, such as the possibility of a rate rise in the US, will most likely prove to be the deciding factor.
Now we wait to see if the banks will pass on the rate cuts...
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