For a record 8 months in a row, the Reserve Bank of Australia left official cash rates on hold at 1.5%.
So what does this all mean? According to a recent survey by Reuters, the decision to keep the cash rate at generational lows was no surprise to most Economists. If you are a retiree that has relied on your cash income from savings, you may have your hand forced to look for an alternative investment as your situation could be a little vulnerable.
So what should you do? Take stock of your investments. Low interest rates are here in the short-term and this economic playground is a great motivation for your Financial Planner to find alternative means! With today’s rates, borrowers can capitalise on the record low interest rate, whilst the retirees need to consider new and alternative investment strategies that can yield a higher return as deposit rates are set to remain low.
Staying still in this economic environment could catch you unaware! At Dobbrick Financial Services, we can provide you with wealth advice strategies and look for the best opportunities for your financial situation. We can help with all financial planning and mortgage broking strategies. Contact us today at Gympie 07 5482 7828 or Ipswich 02 3281 1300.
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Monetary Policy Decision – Reserve Bank of Australia