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Interest Rate Announcement – August 2012

By Eleanor Hopkins

The Reserve Bank has decided to keep interest rates on hold at 3.5 per cent today.

The move comes after recent revelations that inflation is in check, and just as struggling sectors of the economy, including the property and the retail industries, have begun to show positive signs.

“Given we have had rate cuts of 1.25 per cent in less than 12 months, today’s decision isn’t unexpected,” says Domain property expert Carolyn Boyd.

“Many expected the Reserve Bank would wait and see today as the previous rate cuts finally seem to be having an effect.”

Recent data on home prices around the nation showed small prices rises in some major capital cities, including Sydney.

“While the real estate market remains patchy, there are signs of a promising spring selling season in some of our bigger cities,” says Boyd.

Since November last year, rates have fallen 1.25 per cent, from 4.75 per cent.

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