The official cash rate has been left on hold for another month, as the Reserve Bank of Australia (RBA) mulls the state of the domestic economy.
Announcing the decision yesterday (December 3), the RBA's governor Glenn Stevens explained how the board had decided the 2.5 per cent rate to be appropriate for the time being.
Many experts had predicted that this would be the case, with the low interest rate environment finding favour with those in search of real estate in Eaton and other properties throughout the country.
However, some property groups believe a further cut would improve the situation further for home buyers, as the effects of previous reductions are still not being felt.
The next RBA meeting is not scheduled until February 4, so there are still several weeks before any further decisions need to be made.
This year has proved an interesting one in terms of cash rate announcements – 2013 started off with the official rate at 3 per cent, before the first 0.25 percentage point reduction was implemented on May 8.
A further 0.25 percentage points was taken off the cash rate three months later, bringing it to an all-time low of 2.5 per cent that has been in place ever since.