After implementing the extraordinary mid-month rate cut in March of this year, the Reserve Bank of Australia has this month left the official cash rate untouched. It remains at the record low rate of 0.25%. The bank remains committed to monitoring the state of the Australian economy.
Possible Cash Grants for Home Owners
Many of the Federal Governments economic policies are being reviewed at the moment, including the possibility of cash grants for home-owners and first home-buyers.
The government’s fourth stimulus package is expected to be signed off by the national cabinet’s expenditure review committee this week. The home owner grants are designed to prop up the businesses of tradespeople and help the building and housing construction industry.
However, there are expected to be a number of conditions;
- The cash grants will reportedly be for larger renovation projects.
- They will require renovators to at least match the cash grants, said to be between $20,000 and $40,000.
- Limits and conditions are expected to be placed on the type of renovations included in the grant.
- It is also likely to mainly apply to new home builds.
The full details will be announced later this week. Once we know the specifics, feel free to call us about any questions you may have.