Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

Mortgages

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<div>One of the easier trades you'll ever come across, with inflation missing market expectations yet gain. Money for jam, here. Rate hikes never were on the cards any time soon - as well documented here often enough - but that's even more obvious now with inflation missing (yet again!). 
</div>
<div>Both of the core measures came in at just +0.4 per cent for the December quarter.</div>
<div> </div>
<div>While underlying inflation rate ticked up to +1.9 per cent, the 6-month annualised pace is incredibly weak at just +1.6 per cent. Inflation has now missed the 2-3 per cent target on the downside for 9 consecutive quarters, and the pulse looks to have weakened again. </div>
 
<div><img src="https://1.bp.blogspot.com/-XlzLIPRQpu4/WnEZzIZqnVI/AAAAAAAAoJU/rzj9H0OJ5NUP_8uwQveXyc47vGd8NtzuQCLcBGAs/s640/A1.jpg" width="640" height="388" data-original-height="826" data-original-width="1359"></div>
 Tradables prices picked up a bit in the December quarter, but were negative over the year. 
<div><img src="https://4.bp.blogspot.com/-Kxw_kvG6T8g/WnEZzNT9e7I/AAAAAAAAoJQ/v0T7c3gZZmc6pjln-mpGi6LhcMFX1ryUACLcBGAs/s640/A3.jpg" width="640" height="392" data-original-height="826" data-original-width="1346"></div>
<div> </div>
<div>The headline result of +0.6 per cent for the quarter and +1.9 per cent for the year was pumped by a jump in fuel and fruit prices (someone needs to look up whether avocados and capsicums are fruits or vegetables, I have no idea). </div>
<div> </div>
<div>Overall, though, this was once again very weak underlying inflation, though importantly the result was not under the Reserve Bank's forecast for the end of the year.</div>
<div> </div>
<div>So that basically means that interest rates will be left on hold for a record length of time, barring a shock of some kind.</div>
<div> </div>
<div>Rents off the mat</div>
<div> </div>
<div>Rents began to rise moderately again in 2017, mainly thanks to Sydney (+2.4 per cent).</div>
<div> </div>
<div>Rents were negative in the December quarter in Brisbane, while in Perth rents are some 16 per cent below their peak. </div>
 
<div><img src="https://3.bp.blogspot.com/-J1Hs5n8pTqQ/WnEZzEsmQuI/AAAAAAAAoJY/eC-Oyr-Y9sAcEVWZFcCAcaZ0rol-BOElQCLcBGAs/s640/A2.jpg" width="640" height="374" data-original-height="818" data-original-width="1398"></div>
 Sydney rents (+52 per cent) have doubled the of inflation (+27 per cent) over the past decade.
 
<div><img src="https://1.bp.blogspot.com/-h8w2l0xyyCI/WnEZzng4KmI/AAAAAAAAoJc/fbvJr9MBycYnJXjOM2wyCEImtv1Gv0T_QCLcBGAs/s640/A4.jpg" width="640" height="374" data-original-height="828" data-original-width="1411"></div>
 
<div>The wrap</div>
<div> </div>
<div>The Reserve Bank's models already seemed to suggest that underlying inflation wouldn't get back to the mid-point of the target range at 2.5 per cent for years to come (possibly about 4 years!). </div>
<div> </div>
<div>And now this result has missed market expectations too, for the fifth consecutive quarter. </div>
<div> </div>
<div>The main takeaway is all the talk of imminent rate hikes was little more than wishful thinking. Indeed, given the Reserve Bank's stated mandate, logically either the next move in rates should be down or the economy should returning to full employment. Either way, there was little to fear in these numbers for mortgagees and housing market fanatics.</div>
<div> </div>
<div>PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.</div>
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pwargent-M4siyDbqQY

Talk of imminent rate hikes was little more than wishful thinking: Pete Wargent

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Jo Masters, the senior economist at ANZ, has gone against no movement consensus with her big call that there will be two interest rate rises this year. 
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<div class="m_8380867177741228828gmail-cq-article-content-paras m_8380867177741228828gmail-section">
She forecasts the RBA will take the cash rate from 1.5 per cent to 2 per cent during 2018.
Masters, the Chatswood based tennis playing mother of two, tips the first central bank move is likely to be in May, with one more in the second half of the year. She sees none happening in 2019.
She concedes it does depend on the February wage growth data release.
It will be the first rate hike in eight years, coming at a time when household debt to disposable income is at record highs.
Master's wonders just how households will respond noting it will be critical for retail consumption and ofcourse the housing market.
Masters operates by the view that its always better to have a view and be wrong, than have no view at all.
</div>
<div class="m_8380867177741228828gmail-cq-article-content-paras m_8380867177741228828gmail-section">
 
</div>
</div>
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j.ballantyne1990-6AQqhLzZaK

ANZ's Jo Masters makes non-consensus 2018 cash rate call

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Housing market conditions had generally eased, especially in Sydney, the December RBA minutes indicated.
Conditions had eased in the established housing market, most noticeably in Sydney, where housing prices had declined in prior months and auction clearance rates had fallen, the central bank noted.
 Housing price growth had also eased in Melbourne, but remained relatively strong, with the RBA noting Melbourne prices had been supported by high population growth. 
"Housing prices in Perth and Brisbane had been little changed in preceding months," the minutes advised.
The central bank noted in the eastern capital cities, a considerable additional supply of apartments is scheduled to come on stream over the next couple of years.
The minutes also showed that board members noted housing credit growth had eased a little over the second half of 2017, as growth in lending to owner-occupiers had slowed somewhat and growth in lending to investors had stabilised at a lower level than in the first half of the year.
"The easing in housing credit growth had been accounted for by the major banks, which had been more affected by the need to restrain interest-only lending to comply with the supervisory measures announced earlier in the year," the minutes said.
"Growth in housing lending by non-authorised deposit-taking institutions (non-ADIs) had picked up, although these institutions' share of overall housing lending remained small. 
Members noted that these lenders charged higher interest rates on average than ADIs, which is likely to reflect both the borrower risk profile and higher funding costs of non-ADIs.
To address the medium-term risks associated with high and rising household indebtedness, the Australian Prudential Regulation Authority had introduced a number of supervisory measures earlier in the year and credit standards had been tightened to lower the risk profile of borrowers.
 Growth in household credit had slowed somewhat, but members agreed that household balance sheets still warranted careful monitoring.
It noted dwelling investment was expected to have fallen marginally in the September quarter. 
Dwelling investment had fallen over the preceding year in Queensland and Western Australia, but had remained at a high level in New South Wales and Victoria. 
Residential building approvals had picked up in preceding months, but remained below the levels of a few years earlier, the bank minutes said.
"Together with data on the pipeline of work yet to be done, this suggested that dwelling investment would remain at a high level for the following year or so, but that it was not likely to add materially to GDP growth."
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Sydney and Melbourne property prices had eased, Perth and Brisbane little changed: RBA minutes

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<h1>Minutes of the Monetary Policy Meeting of the Reserve Bank Board</h1>
Sydney – 5 December 2017
<h2>Members Present</h2>
Philip Lowe (Governor and Chair), Guy Debelle (Deputy Governor), Mark Barnaba AM, Kathryn Fagg, Ian Harper, Allan Moss AO, Carol Schwartz AM, Catherine Tanna
Nigel Ray (Deputy Secretary, Macroeconomic Group, Treasury) attended in place of John Fraser (Secretary to the Treasury) in terms of section 22 of the <cite>Reserve Bank Act 1959</cite>.
<h2>Others Present</h2>
Luci Ellis (Assistant Governor, Economic), Christopher Kent (Assistant Governor, Financial Markets), Alexandra Heath (Head, Economic Analysis Department), Ellis Connolly (Deputy Head, Domestic Markets Department)
Anthony Dickman (Secretary), Andrea Brischetto (Deputy Secretary)
<h2>International Economic Conditions</h2>
Members commenced their discussion of the global economy by noting that growth in global industrial production was likely to have increased further in October. The pick-up had been broadly based geographically. Survey measures suggested that conditions in the manufacturing sectors of Australia's largest trading partners had continued to improve; conditions in the services sectors of the major advanced economies had remained favourable. The strength of industrial production in the high-income economies of east Asia had been associated with very strong growth in exports of electronics, specifically of semiconductors. The strength of demand in electronics-related industries had supported business investment and GDP growth in the region, particularly in South Korea.
GDP growth in the major advanced economies had been above potential, supported by accommodative monetary policies. Members noted that recent growth outcomes for the euro area had been stronger than expected. Growth in business investment had picked up in the major advanced economies over the prior year and further solid growth was anticipated over coming quarters. Consumption growth had remained above average, supported by robust growth in employment.
Conditions in labour markets in a number of major advanced economies had continued to tighten. Employment-to-population ratios had increased and unemployment rates had declined to low levels in Japan, Germany and the United States, among other advanced economies. Members noted that this implied there was limited spare capacity in these economies, based on conventional measures of full employment. However, wage growth had picked up only slightly. While observing that there were typically lags between labour markets tightening and wage pressures emerging, members noted that the wage data might suggest these economies had more spare capacity than implied by conventional measures. More generally, members noted that the nature of work was evolving, driven partly by technological change, and that not everyone was benefiting equally from the recent strength in labour demand. Low wage outcomes had contributed to core inflation in the major advanced economies remaining low, even though producer price inflation had been noticeably higher.
In China, GDP growth had been stronger than expected over the first three quarters of 2017, but more recently growth looked to have eased. This was particularly true of residential construction activity in cities where the authorities had implemented policies to address buoyant housing market conditions. The output of some sectors producing inputs for the construction sector, such as glass and steel products, had fallen in preceding months. Production shutdowns designed to deal with environmental concerns had also affected crude steel production. In combination, these factors had led to some levelling off of Chinese bulk commodity imports, including from Australia. Despite this, spot prices for iron ore had increased over the previous month and Chinese producer price inflation had remained elevated, partly reflecting stronger commodity prices. Although consumer price inflation in China had edged higher, it remained below the authorities' objective of 3 per cent in 2017.
<h2>Domestic Economic Conditions</h2>
Members commenced their discussion of the domestic economy by noting that the wage price index continued to suggest that wage growth had been stable at a low rate. The outcome for the September quarter had been slightly lower than expected, despite the 3.3 per cent increase in award and minimum wages in the quarter, as previously determined by the Fair Work Commission. (The award system directly covers around one-quarter of the workforce.) Wage growth in the health and education sectors remained above the national average and a number of sectors had seen an increase in year-ended wage growth compared with a year prior. This had occurred at the same time as spare capacity appeared to have declined and more firms had been reporting difficulty finding suitable labour. The forecast was still for wage growth to increase gradually over the next year or so.
Labour market conditions had remained positive and had been stronger than expected over the previous year. Employment had increased a little in October and growth over the previous year had been well above average. Full-time employment had risen sharply and was growing at around its fastest pace in a decade. The participation rate was notably higher than a year earlier, particularly for women and older workers, who had been staying in the labour force for longer. The unemployment rate had edged lower to be 5.4 per cent in October, which was its lowest level since 2013, and unemployment rates had been on a downward trend in most states. Forward-looking indicators of labour demand suggested employment growth would be somewhat above average over the next few quarters.
Members noted that the September quarter national accounts would be released the day after the meeting and that recent data suggested GDP growth over the year to the September quarter was likely to have picked up to around the economy's potential growth rate.
Information on components of household consumption indicated that growth in aggregate household consumption had moderated in the September quarter; growth in retail sales volumes and motor vehicle sales to households had been subdued. The growth in the value of retail sales in October was consistent with reports from the Bank's liaison suggesting that moderate growth in consumption had continued into the December quarter.
Dwelling investment was expected to have fallen marginally in the September quarter. Dwelling investment had fallen over the preceding year in Queensland and Western Australia, but had remained at a high level in New South Wales and Victoria. Residential building approvals had picked up in preceding months, but remained below the levels of a few years earlier. Together with data on the pipeline of work yet to be done, this suggested that dwelling investment would remain at a high level for the following year or so, but that it was not likely to add materially to GDP growth.
Conditions had eased in the established housing market, most noticeably in Sydney, where housing prices had declined in prior months and auction clearance rates had fallen. Housing price growth had also eased in Melbourne, but remained relatively strong, supported by high population growth. Housing prices in Perth and Brisbane had been little changed in preceding months.
Members observed that business conditions in the non-mining sector had been above average for most industries over the preceding year or so and that non-mining profits had been increasing. Non-mining business investment looked to have risen further in the September quarter and the prospects for continued growth were positive: investment intentions had been revised higher, particularly for the business services sector; survey measures of capacity utilisation had remained well above average; and private non-residential building approvals had remained strong. Mining investment looked to have been little changed in the September quarter, although declines were still anticipated over the next few quarters.
Growth in public investment had picked up over the preceding few years, driven by infrastructure investment. Further growth was expected over the following couple of years, based on projections in state and federal budgets. Members considered macroeconomic modelling of a scenario under which public investment was higher than forecast for the following three years. The demand effects of this scenario included the direct contribution to GDP growth of higher public investment, as well as the multiplier effects through higher profits earned by private sector firms and the higher incomes earned by workers on these projects. Members noted the possibility of ‘crowding out’ of other forms of demand, but did not consider this a major risk given that the economy was currently operating with a degree of spare capacity and inflation was low. Indeed, a sustained pick-up in spending on public infrastructure could even ‘crowd in’ additional investment by the private sector firms undertaking those projects on the public sector's behalf. Members also noted that the higher level of infrastructure investment could boost productivity in the economy.
<h2>Financial Markets</h2>
Members noted that conditions in financial markets generally had been little changed over the previous month, with volatility having remained at a low level throughout 2017. Financial conditions generally remained very accommodative, despite the gradual withdrawal of monetary stimulus in some economies over 2017. However, there had been a noticeable tightening in financial market conditions in China over the year, including in response to regulatory measures.
Market pricing suggested that market participants expected the US Federal Open Market Committee (FOMC) to increase the federal funds rate at its December meeting, consistent with the median of FOMC members' projections. However, market pricing continued to suggest a more modest increase in the federal funds rate over 2018 than implied by the median FOMC projection. Members noted that previously announced changes to the composition of the FOMC had not affected market analysts' expectations regarding the stance of US monetary policy. Regulations – particularly on smaller financial institutions – were under review, although members noted that core reforms relevant to capital, liquidity, stress testing and resolution planning were likely to be preserved.
Members observed that the yield on long-term US government bonds had been little changed over preceding months, whereas the yield on shorter-term US government bonds had increased. This in part reflected expectations for an increase in the federal funds rate and the US Treasury shifting its issuance towards securities at shorter maturities. Long-term government bond yields in other major financial markets had also generally remained little changed at low levels.
Members noted that while yields on Australian 10-year government bonds had been little changed, their spread to US Treasury bond yields had declined to a low level over preceding months.
Financing conditions remained favourable for corporations across major markets. Although spreads of high-yield corporate bonds to government bonds had increased a little in November, they remained at very low levels. Also, equity valuations remained high, having risen over 2017, although there had been small declines in some markets over November.
There had been little change in most major exchange rates over November. The US dollar had appreciated a little since early September on a trade-weighted basis, reflecting increased prospects for both future increases in the federal funds rate and US fiscal stimulus. Members noted that while the Australian dollar had depreciated by around 5 per cent in trade-weighted terms over this period, it had moved within a relatively narrow range over the previous two and a half years and was a little higher than the level of early 2016.
In China, a broad range of policy actions had contributed to a tightening in financial market conditions since late 2016 and a reduction in leverage within the financial system. Recent regulatory announcements had been directed towards managing risks in the shadow banking sector. Members noted that Chinese equity valuations had risen strongly over 2017, but had fallen somewhat in November after the authorities had signalled their concern that some stocks were overvalued.
In Australia, housing credit growth had eased a little over the second half of 2017, as growth in lending to owner-occupiers had slowed somewhat and growth in lending to investors had stabilised at a lower level than in the first half of the year. The easing in housing credit growth had been accounted for by the major banks, which had been more affected by the need to restrain interest-only lending to comply with the supervisory measures announced earlier in the year. Growth in housing lending by non-authorised deposit-taking institutions (non-ADIs) had picked up, although these institutions' share of overall housing lending remained small. Members noted that these lenders charged higher interest rates on average than ADIs, which is likely to reflect both the borrower risk profile and higher funding costs of non-ADIs.
Issuance of residential mortgage-backed securities, which are an important source of funding for non-ADIs, had been strong in 2017 and pricing of these securities had declined a little. Major banks' funding costs had declined a little over 2017 and long-term debt funding had grown relatively strongly in the second half of the year.
Members observed that the Australian equity market (on an accumulation basis) had risen in line with global markets over the previous couple of years and that volatility had remained low over the prior year. Australian share prices had been little changed over the preceding month, although banks' share prices had declined, partly in response to lower-than-expected profit increases.
Financial market prices continued to imply that the cash rate was expected to remain unchanged over the following year or so.
Members concluded their review of developments in financial markets with a detailed discussion of Australian businesses' access to finance. They noted that external finance had become available on increasingly favourable terms for large businesses over recent years, with foreign banks having added to competition for large business lending. Nevertheless, business borrowing had grown only moderately, reflecting subdued mergers and acquisitions activity, with investment having been funded largely from internal sources of funds. In contrast, many small businesses continued to find it challenging to obtain finance, particularly in their start-up or expansion phases. Members noted that this was likely to reflect the riskier nature of such lending, but also the less competitive market for small business lending. Participants on the Bank's Small Business Finance Advisory Panel, convened annually, had confirmed the challenges of accessing bank lending. Members observed that equity funding was often more appropriate for the risk profile of start-up businesses, but that there are relatively few avenues for such financing in Australia compared with some other markets. Members were encouraged by the potential for innovations to improve access to finance for small businesses and the willingness of regulators to facilitate these developments, including in the areas of comprehensive credit reporting, open banking and alternative funding platforms.
<h2>Considerations for Monetary Policy</h2>
In considering the stance of monetary policy, members noted that conditions in the global economy had improved over 2017 and that the outlook had also been upgraded. This improvement had been supported by expansionary financial conditions, notwithstanding some withdrawal of monetary stimulus in a number of economies. In the major advanced economies, labour market conditions had continued to tighten, but wage growth and core inflation had remained low. Members recognised that this combination of strength in economic activity and low inflation was a central issue in the global economy. It was possible that this combination could continue for a while yet, but it was also possible that inflation could pick up by more than expected as spare capacity diminished.
Although the global growth outlook had improved, commodity prices and Australia's terms of trade were expected to decline in the period ahead, but to remain at relatively high levels. The Australian dollar had continued to fluctuate within its range of the preceding two and a half years. An appreciating exchange rate would be expected to result in a slower pick-up in domestic economic activity and inflation than currently forecast.
Members noted that the low level of interest rates had been supporting the Australian economy. Recent data suggested that GDP growth had been around its trend rate over the year to the September quarter. Output growth was still expected to pick up gradually over the forecast period. Business conditions were positive and capacity utilisation had remained high. The outlook for non-mining business investment had improved further and the pick-up in public infrastructure investment was also supporting overall growth. However, growth in consumption was expected to have slowed in the September quarter and the outlook for household consumption continued to be a significant risk, given that household incomes were growing slowly and debt levels were high.
Growth in employment, particularly full-time employment, had increased and the unemployment rate had fallen to a four-year low. Although wage growth had been a little lower than expected in the September quarter, it appeared to have stabilised at a low rate. Leading indicators of labour demand had been broadly consistent with continuing strength in the labour market. In these circumstances, spare capacity in the labour market was expected to be absorbed gradually and wage growth was expected to pick up over time.
Housing market conditions had generally eased, especially in Sydney. In the eastern capital cities, a considerable additional supply of apartments is scheduled to come on stream over the next couple of years. To address the medium-term risks associated with high and rising household indebtedness, the Australian Prudential Regulation Authority had introduced a number of supervisory measures earlier in the year and credit standards had been tightened to lower the risk profile of borrowers. Growth in household credit had slowed somewhat, but members agreed that household balance sheets still warranted careful monitoring.
Over the prior year or so, the unemployment rate had fallen and inflation had moved closer to target. Members noted that this had occurred at the same time as risks in household balance sheets had lessened. Recent data had increased confidence that there would be further progress on these fronts over the following year. How far and when stronger conditions in the economy and labour market might feed through into higher wage growth and inflation remained important considerations shaping the outlook. Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.
<h2>The Decision</h2>
The Board decided to leave the cash rate unchanged at 1.5 per cent.
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Dwelling investment remains at a high level but not likely to add materially to GDP growth in 2018: RBA minutes

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The RBA cash rate decision came out at 2.30pm today - and rates were held again.
The banks of course continue to make their own moves, including cutting the rate for IO loans.
The central bank's last move saw it go to 1.5 percent at the August 2016 meeting, so rates have been held steady for 16 meetings.
It is not the longest run of steady rates as there were 16 meetings (inclusive) between their August 2013 meeting and December 2014 where they held at 2.5 percent. There was another run of 16 meetings between July 2002 and October 2003 where rates were held at 4.75 percent.
The RBA will next meet in February 2018.
Almost all economists predicted a hold at the last meeting of the year.
Most don't foresee any change throughout 2018.
ANZ Research has suggested rates wont hike until 2019.
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RBA holds again for full year: RBA December rate decision

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Heritage Bank today announced it has cut interest rates by up to 0.50% on a number of home loans across its portfolio. 
Heritage will now offer a variable home loan rate for owner occupiers as low as 3.89%.
The cuts are effective from today, Monday, 27 November. 
CEO Peter Lock said Heritage was "thrilled" to be able to offer highly competitive rates to prospective customers. 
“We’ve cut our rates to ensure we remain right in the sweet spot for competiveness in the home loan market, and to encourage even more people to enjoy the benefits of our people first approach.” 
Mr Lock said Heritage had built its loan volumes strongly over the last year and was keen to keep that momentum going. 
“We’ve also just been added to the Aussie home loan broker panel, which gives us access to an extra 1,000 brokers around the country, which will help with our national growth aspirations as well.”
 The interest rate cuts will be as follows for its Home Advantage variable owner-occupier (LVR &lt;=80%)          
$150,000 to $250,000 cut by 0.10% to 3.99% 
$250,000 to $700,000 cut by 0.10% to 3.94% 
$700,000 + cut by 0.10% to 3.89% 
With investment loans the rate cuts are:
Investment Discount Variable Principal &amp; Interest $150k+ (LVR&lt;=80%) cut by 0.30% to 4.19% 
Investment (Principal and Interest) 1 and 2-year Fixed Rate cut by 0.20% to 4.29% 
Investment (Interest Only) 1 and 2-year Fixed Rate cut by 0.40% to 4.49% 
Investment (Interest only) 3-year Fixed Rate cut by 0.50% to 4.49% 
Investment (Interest only) 5-year Fixed Rate cut by 0.50% to 4.89%  
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Heritage Bank cuts rates for investors and home buyers

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Dwelling investment appears to have peaked earlier than previously anticipated, according to the RBA's latest statement on monetary policy.
"Although the significant pipeline of work still to be done should mean that the level of residential construction activity remains high over the next year or so, dwelling investment is not likely to contribute to GDP growth over the forecast period," it advised. 
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Bank liaison with developers indicates that demand for off-the-plan apartments in the major east-coast cities has moderated, reflecting weaker demand from foreign buyers and domestic investors.
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Developers’ access to bank finance – which is secured before obtaining a building approval – has tightened over the past year or so, particularly in areas where there have been very large increases in the supply of apartments, such as inner-city Brisbane, the statement noted.  
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The statement acknowledged one of the key sources of uncertainty for the forecasts is the outlook for the labour market.  
It also suggested weaker-than-expected growth in housing prices or changes in expectations about the likely path of interest rates could also lead to weaker consumption growth than is currently forecast.
The statement sets out the Bank's assessment of current economic conditions, both domestic and international, along with the outlook for Australian inflation and output growth.
It noted conditions in established housing markets have eased in recent months.
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"The Sydney market has slowed noticeably; auction clearance rates have fallen and housing price growth has been relatively subdued over the past few months, although this follows very strong increases in housing prices over the second half of 2016 and early 2017."
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Conditions remain strongest in Melbourne; vendor discounts and days on market continue to point to very strong conditions, although housing price inflation and the auction clearance rate have declined a little.
"The more pronounced slowing in the Sydney housing market relative to Melbourne may reflect the higher share of investors in the Sydney market; the flow of loan approvals to these buyers has slowed since the beginning of the year."
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Housing prices in Sydney are also higher, so affordability could be more of a constraint than in Melbourne.
Higher migration flows to Victoria, both from overseas and interstate, are also supporting the demand for housing, it noted.
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Housing prices have declined a little further in Perth, where the rental vacancy rate has increased to its highest level since 1990, driven by the slowing in population growth.
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In Brisbane, apartment prices have been little changed in recent months following earlier declines, while detached house prices have increased. 
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The bank noted overall household indebtedness is high and debt levels relative to income have continued to edge higher because household credit growth has continued to outpace income growth.
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"Steps taken by regulators have seen the growth in riskier types of lending to households moderate, but some risks remain.
"For example, a highly indebted household sector is likely to be more sensitive to changes in income or wealth, which could have implications for consumption growth.
"Also, consumption growth could be weaker for a time if indebted households choose to pay down debt more quickly rather than spend additional income."
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Dwelling investment has peaked earlier than previously anticipated: RBA 

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Guest Observer
As expected the Reserve Bank Board decided to leave the cash rate unchanged at 1.50%.
There are very few significant changes in the Governor’s statement relative to the statement in October.
On the positive side, the Governor has chosen to point out that prospects for non-mining business investment have improved “with the forward looking indicators being more positive than they have been for some time”.
Since the October meeting, there have been two significant retail sales reports. The report for August showed retail sales contracting by 0.6% and July sales being revised down to –0.2%. The report for September showed no bounce back from those disappointing results with sales being reported as flat. We were interested in how the Governor would assess the outlook for household consumption. In the event, all he did was point out that it was “one continuing source of uncertainty”.
There was also a disappointing inflation report since the last meeting. Underlying inflation printed 0.35% for the September quarter compared to market expectations of 0.5%. It now seems highly unlikely that underlying inflation will reach the 2% for 2017 that the Bank has been forecasting. Nevertheless, the statement only notes that “inflation remains low and is likely to remain so for some time”. However, the Governor repeats the Bank’s central forecast for “inflation to pick up gradually as the economy strengthens”.
There has also been clear further deterioration in the Sydney housing market. At this stage, the Bank is comfortable to note that “housing market conditions have eased further in Sydney”, without speculating about future dynamics. It will give the Governor considerable comfort to be able to note “housing prices have shown little change over recent months”.
Despite a further fall in the unemployment rate to 5.5% with annual jobs growth lifting to 3.1%, the Governor has chosen to maintain his measured description of the labour market, “the labour market has continued to strengthen”. He also repeats that some lift in wages growth can be expected over time. While we expect that the forecasts for the unemployment rate in Friday’s Statement on Monetary Policy will remain at 5.5%, there is a chance that the forecast for 2019 will be reduced to 5.25%.
 
This morning we released a note outlining our expectations for the Bank’s growth forecasts, which will be released on November 10. We expect the Bank to retain its growth forecasts from the August Statement on Monetary Policy at 3.25% in 2018, and 3.5% in 2019. The Governor notes that “the central forecast is for GDP growth to pick up and to average around 3% over the next few years”.
Since the last Board meeting, the AUD had depreciated from USD 0.788 to USD 0.768. Despite this welcome move, the Bank repeats its warning that “an appreciating exchange rate would be expected to result in a slower pick-up in economic activity and inflation than currently forecast”.
Until recently, many forecasters were expecting the Bank to adopt a tightening bias in the November statement. Westpac was not of that view. Today’s statement repeats the neutral bias language of recent statements.
Conclusion
There remains a difference of opinion between us and the Bank on the growth and inflation outlook. The Bank is expecting above-trend growth next year despite uncertainty around the household sector and with the associated closing of the output gap along and a gradual move towards full employment, they will continue to forecast inflation moving back to 2½ per cent in 2019.
We accept that if that dynamic does come to pass, then the Bank will see opportunity to raise rates next year. However, our growth outlook is much flatter, particularly given our view on household incomes and wages, we do not expect that the need will arise to raise rates in 2018.
To read the full RBA report <a href="http://www.rba.gov.au/media-releases/2017/mr-17-23" target="_blank" style="font-size: 12.16px;">click here</a>.
BILL EVANS is chief economist of <a href="https://www.westpac.com.au/" target="_blank">Westpac</a><a href="https://www.rba.gov.au/monetary-policy/rba-board-minutes/2017/2017-05-02" target="_blank">.</a>
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Very few significant changes in RBA outlook: Westpac's Bill Evans

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<h1 class="page-title">Statement by Philip Lowe, Governor: Monetary Policy Decision</h1>
At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent.
Conditions in the global economy are continuing to improve. Labour markets have tightened and further above-trend growth is expected in a number of advanced economies, although uncertainties remain. Growth in the Chinese economy is being supported by increased spending on infrastructure and property construction, with the high level of debt continuing to present a medium-term risk. Australia's terms of trade are expected to decline in the period ahead but remain at relatively high levels.
Wage growth remains low in most countries, as does core inflation. Headline inflation rates are generally lower than at the start of the year, largely reflecting the earlier decline in oil prices. In the United States, the Federal Reserve has started the process of balance sheet normalisation and expects to increase interest rates further. In a number of other major advanced economies, monetary policy has become a bit less accommodative. Equity markets have been strong, credit spreads have narrowed and volatility in financial markets remains low.
The Bank's forecasts for growth in the Australian economy are largely unchanged. The central forecast is for GDP growth to pick up and to average around 3 per cent over the next few years. Business conditions are positive and capacity utilisation has increased. The outlook for non-mining business investment has improved, with the forward-looking indicators being more positive than they have been for some time. Increased public infrastructure investment is also supporting the economy. One continuing source of uncertainty is the outlook for household consumption. Household incomes are growing slowly and debt levels are high.
The labour market has continued to strengthen. Employment has been rising in all states and has been accompanied by a rise in labour force participation. The various forward-looking indicators continue to point to solid growth in employment over the period ahead. The unemployment rate is expected to decline gradually from its current level of 5½ per cent. Wage growth remains low. This is likely to continue for a while yet, although the stronger conditions in the labour market should see some lift in wage growth over time.
Inflation remains low, with both CPI and underlying inflation running a little below 2 per cent. In underlying terms, inflation is likely to remain low for some time, reflecting the slow growth in labour costs and increased competitive pressures, especially in retailing. CPI inflation is being boosted by higher prices for tobacco and electricity. The Bank's central forecast remains for inflation to pick up gradually as the economy strengthens.
The Australian dollar has appreciated since mid year, partly reflecting a lower US dollar. The higher exchange rate is expected to contribute to continued subdued price pressures in the economy. It is also weighing on the outlook for output and employment. An appreciating exchange rate would be expected to result in a slower pick-up in economic activity and inflation than currently forecast.
Growth in housing debt has been outpacing the slow growth in household income for some time. To address the medium-term risks associated with high and rising household indebtedness, APRA has introduced a number of supervisory measures. Credit standards have been tightened in a way that has reduced the risk profile of borrowers. Housing market conditions have eased further in Sydney. In most cities, housing prices have shown little change over recent months, although they are still increasing in Melbourne. In the eastern capital cities, a considerable additional supply of apartments is scheduled to come on stream over the next couple of years. Rent increases remain low in most cities.
The low level of interest rates is continuing to support the Australian economy. Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.
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Sydney easing and little change elsewhere in house prices: November 2017 RBA governor's statement 

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The RBA cash rate decision came out at 2.30pm today - and rates were held again after the Cup Day meeting.
It was the odds on bet of the day.
1300HomeLoan John Kolenda said it has now been seven years since the RBA lifted its cash rate with the last increase being on the day that stops the nation in November, 2010. They have cut on Cup Day in the interim.
The banks of course continue to make their own moves.
It noted house markets continued to cool.
The bank's last move saw it go to 1.5 percent at the August 2016 meeting, so rates have been held steady for 15 meetings.
It is not the longest run of steady rates as there were 16 meetings (inclusive) between their August 2013 meeting and December 2014 where they held at 2.5 percent. There was another run of 16 meetings between July 2002 and October 2003 where rates were held at 4.75 percent.
The CoreLogic head of research Tim Lawless noted a slowdown in housing market conditions has helped to alleviate some of the pressure to raise the cash rate. 
"The fresh round of macro-prudential policies announced in late March have resulted in tighter credit policies and premiums on mortgage rates for investors and interest only borrowers. 
"Tougher lending conditions have arguably had a similar effect as a lift in the cash rate, except the effect is more focussed on slowing investment activity across the housing sector while low interest rates continue to provide a broader and much needed economic stimulus." 
He said since the latest policy announcements from APRA at the end of March, the monthly and rolling quarterly growth rate across Australia’s hottest housing market, Sydney, has turned negative.
The annual growth rate has more than halved, from a recent peak of 17.1% over the twelve months ending May 2017 to just 7.7% over the year ending October. 
He noted housing market conditions have also slowed in Melbourne, but not as sharply as in Sydney.  
The RBA will next meet on Tuesday, 5 December 2017.
 
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