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    RBA leaves key interest rate unchanged for March: HIA

    Housing Industry Association

    The Housing Industry Association (HIA), the voice of Australia’s residential building industry, reports that the RBA has left its key interest rate unchanged at 2.25 per cent at its March meeting.

    HIA Senior Economist, Shane Garrett commented that the decision will disappoint mortgage borrowers and small businesses who had been hoping for a second interest rate cut.

    Observing that many areas of domestic demand are struggling at this time, with business investment failing to respond to low rates, and unemployment continuing to drift upwards, Shane Garrett noted there was expectation that the RBA would reduce interest rates to provide additional support.

    However, the good news is that new home building is providing vital support to demand, with ABS data showing new dwelling approvals hitting another new record in January.

    With the RBA strongly hinting that rates may be lowered in the months ahead, Shane Garrett urged further reduction in interest rates in April to dispel any uncertainty.

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