Cash Rate Update: September 2024

The Reserve Bank Board decided to keep the cash rate target unchanged at 4.35% in September 2024.

Inflation has fallen since its peak in 2022 but remains above the target range, with underlying inflation at 3.9% as of June 2024. Headline inflation is expected to decline temporarily due to government cost of living relief but is not forecast to reach the 2 – 3% target until 2026.?

The economic outlook remains uncertain, with GDP data showing weak growth and ongoing financial restrictions weighing on consumption. Labour market conditions are still tight, with the unemployment rate at 4.2% and participation at record highs.?

Read the full statement here.

Key Highlights from the CoreLogic Home Value Index Report - September 2024:

• In July 2024, the national rent increase was just 0.1%, marking the slowest growth since August 2020.
• Varied rent changes; Adelaide, Melbourne and Perth saw rises, while rents remained flat in Darwin and Canberra. Sydney and Brisbane saw slight decreases, and Hobart experienced a more significant decline.
• Adelaide led the increase in dwelling values. Sydney and Brisbane experienced slight declines and regional WA and Regional SA both saw strong growth, and Regional Tasmania was the only area with a decrease.

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