RBA sounds upbeat, but still a long way from hiking

The Reserve Bank of Australia appeared a bit more upbeat on the outlook for the domestic economy while leaving interest rates at 1.5% for the 24^th month today, but it continued to hint that interest rates won’t rise for a while yet. We’re expecting the first rate hike in November next year. But if our fear that the housing market is on the cusp of the longest and deepest downturn in Australia’s modern history proves correct, then interest rates may not rise until sometime in 2020.