Stronger consumer sentiment, business confidence and a new Prime Minister are the reasons the RBA has left interest rates on hold says John Flavell, Mortgage Choice CEO.
“According to the latest data from the Westpac Institute of Consumer Sentiment, confidence climbed 4.2% over the month of October,” he said.
“This bounce in confidence helped to almost completely offset the loss we saw during the previous month.
“Further, data from National Australia Bank shows there was a partial recovery in business confidence, with financial market volatility and emerging market concerns moderating from the heights of the previous month”.
He also said that as most of the major lenders have moved out of cycle with the Reserve Bank recently, property demand has started to wane slightly.