RBA remains dovish
Market pricing sees a possibility of a 50 basis points increase to interest rates by the end of 2023, as Australia's economic recovery storms ahead.
But the Reserve Bank Minutes remain dovish, and the Board expects to see no change to interest rates until 2024.
Source: Reserve Bank of Australia
They'll probably be quite pleased to see property buyers being dispersed a little, and the peak of the frenzies buying conditions having passed over recent weeks.
To be sure, property is still hot, but not everywhere - it's mainly been detached housing in outer suburban locations, the Minutes noted - and new supply is increasing now.
The apartment market in Sydney and Melbourne has been considerably softer, noted the RBA, due to the absence of immigration.
The next inflation figures are due for release next week - inflation has been below the target band for half a decade, so the Board will be keen to rectify this.
