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Bi Monthly Market Update | A very optimistic RBA…

By Katy O'Shea

A very optimistic RBA…

  • Recent jobs data shows that Delta is slowing but not halting the US recovery.  Rising wages are showing continued tightness in the labour market. Overall unemployment fell from 5.4% to 5.2%.
  • Chinese efforts to cut Steel production combined with a pickup in supply dragged Iron Ore to a 7-month low on Monday; trading now up slightly $US 138 a tonne.
  • China’s share of global GDP will increase to 18.8% in 2021 up from just 7.7% over the past two decades.
  • The price of Aluminium hit a 10 year high on Monday after the coup in Guinea led to uncertainly over the supply of Bauxite.
  • As expected, the RBA left the official cash rate on hold at 0.1%, reiterating they expect rates to stay low until 2024. Less expected was their move to taper bond-buying adding further liquidity to markets which is a positive for asset prices.
  • In the RBA’s statement, Dr Lowe acknowledged lockdowns would trigger a “material” downturn in the September quarter. The good news is that he expects the economy to be back on its pre-Delta path by the second half of next year.
  • The ASX closed higher on that news and is now at 7,512. The Aussie dollar is at US$ 74.1.
  • All eyes are on tomorrow’s State Budget with predictions of the biggest operating surplus of $5 billion. Great to see a large chunk of it will go to our ailing Health Care system.
  • Whilst on an optimistic note – check out this short and funny TED Talk on Positive Psychology
  • Corelogic has reported house prices across the combined Capitals have risen by 16.8% while regional house values were up by 14.7%.
  • We are seeing a Spring time bubble that is hard to dismiss. So whilst we are COVID free and with limited stock, it’s a great time to sell. Call me for your plan.

Authored by Jody Fewster

Please call 0414 688 988 if I can provide you with a current market appraisal and detailed marketing plan for your home or investment property.
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