The Reserve Bank of Australia decided to leave the official cash rate on hold at 3.5%.To summaries their reasoning the Reserve Bank of Australia;
The board has cited that in spite of the uncertainty in world markets (with Europe continuing to weaken and China slowing somewhat) Australia’s economic results remain close to target! This has given the board confidence that a cash rate of 3.5% is currently ideal. For the full press release please click the following link; http://www.rba.gov.au/media-releases/2012/mr-12-16.html
How will this effect Home Loan Interest Rates? So far none of the banks have made any changes.At the moment it is a case of watch this space!