Morning money news that affects your hip pocket.
If there’s one thing that financial markets don’t like is political uncertainty and now with the federal election failing to produce a clear winner, it seems we have just that.
But the share market and the Aussie dollar are higher, so are we over doing worry about not having a stamped PM just yet?
Perhaps. According to Fairfax Media contributing editor Michael Pascoe, Australia’s have never had it so good and yet we are in a state of panic because we are divided in our democratic elections, as he writes this morning: “If that’s our major problem, we really are the most spoilt of little rich countries.”
See more: money news and insights on the election.
The Reserve Bank of Australia meets today to decide whether to a move in interest rates would be good for the economy. But the RBA is widely expected to keep things on hold at 1.75 per cent despite the election result and global growth worries stemming from Britain’s decision to vote to leave the European Union (Brexit).
Meanwhile home loan customers are said to be still paying more than they should for borrowings as they’re caught out by attractive honeymoon deals offered by lenders.
Financial comparison website RateCity is saying that customers are paying as much as 1.5 per cent extra once the honeymoon offer ends on variable rate loans.
See more: money news on home loans
Elsewhere analysts at Macquarie Bank are saying that Brexit could actually be good for Australia if it results in more Aussie expatriates returning home and not working offshore.
See more: money news on Aussie expats
