July is the 23rd month that the Reserve Bank has kept interest rates on hold at 1.5%.

The economy continues to gradually improve, supported by above-trend global growth, however it is simply not improving fast enough to move the RBA Board at this time. Unemployment remains around 5.5%, wages growth is 2%, average earnings growth is weaker and market determined inflation is below 1% per annum, which remains below the RBA’s preferred two to three per cent range.

Macquarie Bank now believes the RBA won’t need to lift the cash rate until early 2020.

The end of the financial year is an excellent time to take stock, review your goals and plan for the year ahead. If you're a client or if you would like to take another look at your current arrangements, call Westmount.