The housing sector is expected to be a big beneficiary of better lending conditions. Picture: Jodie Richter.“Based on these considerations, a “no-change” decision seems a certainty from the RBA Board meeting on Tuesday. Indeed the market has only a 4 per cent chance of a change priced in.”For the first time since last month’s cut, Monday saw the RBA Rate Indicator swing in favour of a cash rate target decrease to 0.75 per cent. “As at 5 August, the ASX 30 Day Interbank Cash Rate Futures August 2019 contract was trading at 99.115, indicating a 57 per cent expectation of an interest rate decrease to 0.75 per cent at the next RBA Board meeting.”That might not be enough though — with 96 per cent of experts and economists in the latest Finder RBA Cash Rate Survey convinced there RBA will hold at 1 per cent for several months. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 Where tenants are ditching dead money for a mortgage Queensland is expected to see a surge in interest from interstate and other buyers given its relative affordability compared to southern neighbours, including Brisbane over Sydney and Melbourne.After a torrid two months of slashing, the Reserve Bank board is expected to hold fire until November on any further interest rate cuts — but there’s still lots to celebrate for buyers.Experts agree that November is the month the RBA board is most likely to make its next move on rates, as it waits for its shock two cuts in a row to take hold along with government action to boost consumer spending. FOLLOW SOPHIE FOSTER ON FACEBOOK Star puppet Agro making a move More from newsParks and wildlife the new lust-haves post coronavirus12 hours agoNoosa’s best beachfront penthouse is about to hit the market12 hours agoRBA assumptions and forecasts. Source: RBA.gov.au”Our view remains that the RBA will deliver another 25bpt rate cut but they will wait until November to deliver that cut,” he said in CBA’s latest Economic Update. “The RBA has, of course, revealed its hand with 25bpt rate cuts in June and July. Successive rate cuts are rare events and normally reserved for dire economic circumstances. But circumstances, as the RBA assures us, are not dire. The RBA has indicated that it is prepared to wait while monitoring developments, especially in the labour market. MORE: The growth suburbs to watch It found 35 per cent of experts believed the next cut would come in November, while 23 per cent thought it would be earlier in October.Either way, Finder insight manager Graham Cooke said the RBA board would be hesitant to cut three months in a row.“The jury’s out on the impact of these most recent cuts — it’s simply too soon to tell,” he said. “Economists feel slightly more confident that recent cuts will have a positive effect on the economy once given time to roll out. While positivity is generally still low, housing affordability remains the most positive economic element.”Mr Blythe said CBA could “only agree” with a comment by RBA Governor Philip Lowe that “it is reasonable to expect an extended period of low interest rates”. Reserve Bank of Australia Governor, Philip Lowe, is expected to see the board hold at 1 per cent cash rate target come Tuesday afternoon. Picture: AAP Image/Dean Lewins.This after the RBA finally moved its cash rate target down to 1.25 per cent in June, followed rapidly by another 0.25 percentage point drop again in July to even out at 1 per cent. Before that it had stagnated at 1.5 per cent since August 2016.Aligned with APRA loosening its grip on lending conditions, boosting the chances of those applying for mortgages, the moves were expected to see some lift in the economy.Chief economist for one of the nation’s Big Four banks, Commonwealth Bank of Australia, Michael Blythe, expected the cash rate to remain at 1 per cent come Tuesday afternoon’s RBA monetary policy meeting.
The Scripps National Spelling Bee has crowned eight co-champions who went the final five rounds without misspelling a single word.Dr. Jacques Bailly said they threw the dictionary at those eight children, and the “champions showed the dictionary who was boss.”At the end of round 17, the competitors were told that because the judges were running out of hard words, anyone still standing after 20 rounds would be named co-champions.Each will get a $50,000 check for being a co-champion.Eight co-champions celebrate after winning the Scripps National Spelling Bee, Friday, May 31, 2019, in Oxon Hill, Md. The spelling bee ended in unprecedented 8-way championship tie after organizers ran out of challenging words. (AP Photo/Patrick Semansky)