June 2020 RBA Update

Rate remains at record low after implementing the extraordinary mid-month rate cut in March 2020.

The Reserve Bank of Australia has left the official cash rate untouched for this month remaining at the record low rate of 0.25% as the bank commits to monitoring the state of the Australian economy.

Home owners possible cash grants

Most economic policies of the Federal Government are being reviewed including the possibility of cash grants to home-owners and first home-buyers.

These grants are designed to prop up the businesses of tradespeople and help the building and housing construction industry. This week, the government’s fourth stimulus package is expected to be signed off by the national cabinet’s expenditure review committee.

Here’s the expected conditions:

• This mainly applies to new home builds
• Cash grants will be for larger renovation projects
• Require renovators to match the cash grants, said to be between $20,000 and $40,000
• Limits and conditions are placed on the type of renovations included in the grant

The full details will be announced in the coming week. Once we know the specifics, feel free to call us about any questions you may have.
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If you need further information or assistance, you can book a zoom meeting with me.

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