Homing in on a rate cut

A jump in new dwelling approvals brings a glimmer of hope for the housing sector, but its overall health still demands another rate cut.

Today has seen the release of a raft of housing and building data from the Australian Bureau of Statistics which add to the already compelling case for a further interest rate cut. The RBA Board meets next Tuesday and the market is currently pricing the chance of a 25 basis point cut at around 50/50 although the true odds would have a 25 cut close to certain.

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