Since the Reserve Bank of Australia raised rates in March, the housing market has just been going sideways. Rates are on hold until the third quarter of this year.
More Quotes from Michael Every:
The odds of a rate increase on Oct. 27 have shortened. The Reserve Bank is extremely worried over whether the economy will slow rapidly enough ahead to cap obvious inflation pressures. It looks increasingly like it will not.Michael Every
They are concerned about inflation first and foremost but they already know that was going to happen because of petrol.
Michael Every
The residential housing market is well off its peak now. The Reserve Bank remains on hold for now with domestic demand moderating.
Michael Every
Importantly, we believe that if oil prices drop back from present levels then CPI inflation may already have peaked year on year and should be on the way down over the rest of 2006 - potentially rapidly if oil reverses significantly.
Michael Every
With the import side holding up more strongly than exports for now, the Reserve Bank is unlikely to respond with lower interest rates in the near term.
Michael Every
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