Brisbane now best of Aussie cities as rates stay at historic low 0.75pc

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PHOTO: Reserve Bank of Australia Governor Philip Lowe is against going into negative rates. Source:AAP

Christmas has come early for homeowners, with almost a quarter of experts naming Brisbane the best city in Australia to invest in as the Reserve Bank today chose to hold fast on interest rates.

Chairing the final monetary policy meeting of the decade for the RBA board, Governor Philip Lowe not only kept the official interest rate at a historic low 0.75 per cent – a move widely expected by the market – but he said “it was reasonable to expect that an extended period of low interest rates will be required in Australia to reach full employment and achieve the inflation target”.

“The Board is prepared to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the inflation target over time,” Mr Lowe said in a statement released after the RBA meeting this afternoon.

All but one expert in the latest Finder RBA Cash Rate Survey (97 per cent) predicted rates would hold, and a whopping two-thirds now expect the central bank will move to drop to 0.5 per cent in February 2020.