Approvals for new home loans in Australia jumped for a second consecutive month ...
SYDNEY - Approvals for new home loans in Australia jumped for a second consecutive month in August, in a sign that recent rate cuts and easier lending rules were boosting the housing market though activity elsewhere in the economy remained subdued.
Australia’s housing stock is valued at A$6.8 trillion , or almost four times the country’s annual gross domestic product. “If loans and prices surprisingly continued to boom, it would...raise the risk it stops the RBA from easing next year,” added Tharenou, who expects further rate cuts by mid-2020. Financial futures are pricing in a 50-50 chance of a fourth rate cut to 0.5% next month as a fiscal boost to revive the economy is regarded as unlikely anytime soon.
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