Re­serve Bank re­leases meet­ing min­utes

Port Douglas & Mossman Gazette - - FRONT PAGE -

THE Re­serve Bank (RBA) re­leased the min­utes of their May board meet­ing last week when it re­duced of­fi­cial in­ter­est rates by 25 ba­sis points to 2.75 per cent, their low­est level in more than 50 years.

Specif­i­cally re­lat­ing to the hous­ing and con­struc­tion sec­tor the min­utes noted: ‘‘Dwelling prices were around 4 per cent above their trough in mid 2012, and auc­tion clear­ance rates had in­creased.

‘‘New bor­row­ing for hous­ing had also picked up, while for­ward­look­ing in­di­ca­tors and the Bank’s busi­ness li­ai­son sug­gested that de­mand for new hous­ing was im­prov­ing - not­with­stand­ing a de­cline in build­ing ap­provals in the March quar­ter - with en­quiries from prospec­tive pur­chasers and vis­its to dis­play homes in­creas­ing. New dwelling in­vest­ment had in­creased since the mid­dle of the pre­vi­ous year, with mem­bers ob­serv­ing that ap­provals for higher-den­sity dwelli ngs had i ncreased, while ap­provals for detached dwellings had been flat over this pe­riod.’’

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