A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

Joel Robinson

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Interest Rates

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GUEST OBSERVER
No surprises as the RBA held its cash rate steady at 1.75 percent. 
Of course, this follows an action-packed and finely-balanced May meeting, where the central bank cut to a new record low. Now the question being asked is: what's next and when? Is it one and done, or is there more to come? 
The statement was very light on any hints about what might happen next. In short, there was no real forward guidance. The statement noted that 'inflation has been quite low ... [and that] ... this is expected to remain the case for some time'. 
At the same time, it noted that non-mining domestic demand has been 'expanding at a pace at or above trend'. In our view, the RBA will need to see the Q2 CPI print (due on 27 July) before it would consider cutting further. Our central case is for a 25bp cut in August, to 1.50%, and for the RBA to remain on hold in subsequent quarters. 
Facts 
The RBA held its cash rate unchanged at 1.75 percent, as expected by 25 of 26 economists in the Bloomberg survey (including HSBC). Immediately prior to the announcement the market was pricing a 6 percent chance of a 25bp cut. 
Implications 
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Is it one and done, or is there more to come? Well, if you are looking for hints in today's post- meeting statement, you may be sadly disappointed. It was more backward-looking than usual and contained very little that could be described as forward guidance. 
On growth, the statement described the Q1 GDP figures suggesting that, despite 'a very large decline in business investment' non-mining domestic demand had been 'expanding at a pace at or above trend'. At the same time, it stated that 'inflation has been quite low' and that this was expected 'to remain the case for some time' (the one clear reference to the future). The RBA noted that low inflation was due to 'very subdued growth in labour costs and very low cost pressures elsewhere in the world'. The statement did not attempt to reconcile the apparent disconnect between the strong local growth and weak inflation. 
On the housing market, the statement noted that although 'supervisory measures have strengthened lending standards' ... 'dwelling prices have begun to rise again'. It then also noted that 'a considerable supply of apartments is scheduled to come on stream' leaving the reader to draw the conclusion that boosted supply might help to slow housing price growth in the future. 
More generally, the statement noted that low interest rates and the lower AUD are assisting the rebalancing act to proceed, although the central bank repeated that an 'appreciating exchange rate could complicate' the rebalancing of growth.
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Finally, the statement noted that a key reason for not moving this month was that the RBA had just cut the cash rate in May. Again, this is quite backward-looking. It seems to us that the central bank will need to see the Q2 CPI print (due on 27 July) before it would consider cutting further. 
<a href="https://www.about.hsbc.com.au/hsbc-in-australia/management-team" target="_blank">PAUL BLOXHAM</a> IS CHIEF ECONOMIST (AUSTRALIA AND NEW ZEALAND) FOR HSBC. 
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jchancellor-FAypfDUnLy

RBA on hold, with little forward guidance: HSBC's Paul Bloxham

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The founder of Aussie Home Loans John Symond doesn't think we need cheaper official interest rates at the moment.
Talking to Ross Greenwood on the 2GB Macquarie network's Money News following the June interest rate hold, Symond also said that he doesn't think the Reserve Bank will cut anytime soon.
'I don't think they will, or they should," he said.
"The economy would have to take a hit, I believe, for the Reserve Bank to be coughing it up to drop rates even further.
"The further they go down the further they will have to eventually go up.
"I don't think we really need cheaper official rates at the moment."
Symond said that he thinks the Reserve Bank knows the interest rate drops don't have the impact it used too.
"I think we're beyond that and I think the Reserve Bank acknowledges that the interest rates lever dropping rates no long has the impact it used to because they're so low."
"I just don't believe someone would decide now's the time to go out and buy because rates have dropped a 1/4 percent.
"We've got the lowest interest rates in history, so by comparison to over the last decade the rates are just so cheap and I don't believe it's now a factor of will rates go cheaper if they do it'll give me confidence to go and buy
Talking about growing the economy, Symond suggested that hopefully once the election is out of the way the people will get back to making decision moving forward.
"We've got to find ways t grow the economy and that's the critical path now."
"You can't just say low interest rates are going to cure all our issues"
"We need to grow the economy and the sooner we get this election out of the way, hopefully the sooner the people get back to making decisions moving forward.
Talking about what the loan book looks like now, Symond suggested that there haven't been significant improvements.
"There's still a healthy level of activity in sectors of housing," he said.
"Investors are still very very subdued because of all the new lending rules and government rules.
"First home buyers are still struggling to try to get into the market."
He said that refinancers are on the increase and so they ought to, as research he did recently showed over half of all people with home loans haven't looked at refinancing in the past 10 years which is costing Australians billions of dollars.
Symond suggested competition is still as "red hot" as he's seen it in his nearly 50 years.
He concluded by suggesting there won't be another cut soon despite economists beliefs, but potentially some months away.
"Im hoping it won't happen because I'm hoping the Australian economy does better than it has and it doesn't go backwards because every time rates go down, it's a measure of the health of our economy.
"The further down it goes, the further the state of our economy goes down hill and we don't want that," he added.
You can listen to the <a href="https://www.2gb.com/article/money-news-full-show-tuesday-7-june-2016" target="_blank">full interview here.</a>
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j.ballantyne1990-6AQqhLzZaK

John Symond says rates don't need to go lower 

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GUEST OBSERVERS
The RBA left the cash rate unchanged at 1.75 percent and provided no explicit forward guidance. The Bank seems confident that the transition to non-mining activity is continuing but remains worried about low inflation.
The lack of forward guidance means that an August rate cut is a much closer call than we had previously thought. That said, we continue to think that the extent of the downgrade to the RBA’s inflation forecasts and ongoing weak price pressures suggest that on balance the Bank will cut rates again in August, although it is now more data dependent.
DETAILS
The lack of a clear easing bias was the big surprise in today’s statement. The large downgrade to inflation in the May Statement on Monetary Policy suggested to us that more than 25bp of easing was required to keep real interest rates low, where the RBA’s forecasts also hinged on a further easing. Moreover, the Bank rarely cuts rates only once.
Last week’s strong Q1 GDP results were clearly encouraging for the Bank. RBA Governor Glenn Stevens noted that “despite a very large decline in business investment...other areas of domestic demand, as well as exports, have been expanding at a pace at or above trend”. The Bank also seems more positive about the labour market, noting the indicators are “consistent with continued expansion of employment in the near term”.
We expect, though, that the weak inflation outlook will continue to dominate the policy outlook. The Bank reiterated its concerns over inflation, noting that “inflation has been quite low...[and] this is expected to remain the case for some time”. The large downgrade to the RBA’s forecast inflation profile, where the average inflation forecast remains at or below the lower bound of the 2-3 percent target band for the entire forecast period, strongly suggests to us that the Bank will need to ease further. The recent uptick in the exchange rate and a possible delay to Fed tightening only puts further pressure on the cash rate.
Interestingly, the RBA seems relatively unperturbed by the recent pick-up in housing. The RBA acknowledged the recent rise in house prices, but noted that “lenders are also taking a more cautious attitude to lending in certain segments” and that “considerable supply of apartments is scheduled to come on stream”.
<a href="/images/2016/06/07/Screen%20Shot%202016-06-08%20at%209.10.12%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/06/07/Screen%20Shot%202016-06-08%20at%209.10.12%20AM.png" alt="">
<img src="file:///page1image32864" alt="page1image32864" width="313.393247" height="0.167557"><img src="file:///page1image33024" alt="page1image33024" width="313.393247" height="0.167557"><img src="file:///page1image33184" alt="page1image33184" width="313.728361" height="0.502670"> MARKET IMPLICATIONS
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While the RBA continued to reference any currency appreciation as a factor that can complicate the economic adjustment, these words will be superseded by the lack of an explicit bias in the final paragraph of the statement. With this guidance lacking, and weeks before we get any further read on either inflation or wages, the AUD will likely perform better on crosses, most notably AUD/NZD. Further depreciation against the USD will now become contingent on more USD strength. 
Rates markets have reacted to the RBA’s statement with higher yields across the term rates structure. RBA meeting date OIS pricing has shifted between 4-5 basis points higher, with the first full cut priced for June 2017. Further out the curve, the 3 year rate has risen by 8 basis points. We expect that significant sell-offs will find a base, particularly given a bounce in the AUD may be seen as a reason for easing. 
OUTLOOK 
The lack of an explicit easing bias makes an August rate cut a much closer call than we had previously thought. That said, we continue to expect a further cut given the size of the downgrade to the Bank’s inflation forecasts and the fact that the mid- point inflation forecast remains at or below the lower bound of the 2-3% target band for the entire forecast period. 
Felicity Emmett is head of Australian Economics, ANZ, Daniel Been is senior FX strategist and Martin Whetton is senior rates strategist. They can be contacted <a href="https://www.anz.com/corporate/research/" target="_blank">here</a>.
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RBA on hold in June and a higher bar for an August cut: ANZ's Felicity Emmett

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GUEST OBSERVER
The Reserve Bank has left the cash rate at a record low of 1.75 percent. The Reserve Bank has maintained a “neutral stance” – indicating that policymakers will assess more information before deciding the next move on rates.
What does it all mean?
Did the Reserve Bank get it wrong when it cut rates last month to fresh record lows? Certainly all of the subsequent economic data have been strong including economic growth, which is now running at the fastest annual rate in 31⁄2 years.
The short answer is no. The Reserve Bank was already expecting Australian economic growth to be running at a 3 per cent annual rate over the next year. The Reserve Bank is always forward-looking – and despite expectations of solid 3 per cent growth, it cut rates. Simply, the Reserve Bank feels that the economy can run at a 3 per cent plus rate and not generate higher inflation. 
Certainly the environment has changed – with companies challenged by “disruption” at every turn, causing managers to focus on increasing productivity and efficiency and reducing costs rather than lifting prices. The Reserve Bank now assumes that underlying inflation will hold in a 1.5-2.5 percent range. That is, a mid-point of 2 percent is expected – the bottom of the Reserve Bank’s 2-3 percent target band.
Since the rate cut in May, the Aussie dollar has fallen from US77 cents to around US73-74 cents. And the currency is weaker despite higher commodity prices. The RBA notes “Low interest rates have been supporting domestic demand and the lower exchange rate overall is helping the traded sector.”
The accompanying statement was quite short. But there are interesting observations on housing. The RBA notes a lift in home prices. But it warns “considerable supply of apartments is scheduled to come on stream over the next couple of years, particularly in the eastern capital cities.” 
Perspectives on interest rates
The Reserve Bank left the cash rate at a record low of 1.75 percent. The previous rate cut was in May 2016 (25 basis points), taking the cash rate to a record low of 1.75 percent. 
There have been 11 rate cuts since November 2011.
The Reserve Bank had previously lifted rates seven times from October 2009 to November 2010 – a total of 1.75 percentage points, from 3.00 percent to 4.75 percent.
What are the implications of today’s decision?
We expect the Reserve Bank to stay on the interest rate sidelines until August. At the August meeting the Reserve Bank will have digested the latest inflation data (released end July) as well as the Brexit decision in the UK and the June and July rate decisions in the US.  
On balance rates still have scope to fall. It all depends on the Reserve Bank’s assessment on how fast the economy can grow without generating inflation above the upper end of the 2-3 percent target band.
This is a brave new world where old assumptions are being challenged. Investors need to do this also. In the past investors could work on the assumption of total sharemarket returns lifting on average by 9-11 per cent. With nominal economic growth closer to 4-5 percent, expected sharemarket returns also need to be adjusted down to a similar range.
Returns on residential real estate have averaged 13 per cent over the past two years. But over 2011 and 2012 returns averaged 2 per cent. With housing supply set to rise, even views on high-flying real estate will need to be adjusted downwards.
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Craig James is the chief economist at <a href="https://www.comsec.com.au/default.aspx" target="_blank">CommSec</a>.
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Reserve Bank mulls the next move: CommSec's Craig James

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Further cuts are predicted later this year, but for now the RBA has decided to leave interest rates on hold. Mozo Director Kirsty Lamont shares the five numbers you need to know: 
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One month has passed since the RBA’s record rate cut and the new average variable rate has settled at 4.53 percent. 
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This is how much the average borrower could save in monthly repayments if the RBA slashes the cash rate to 1% as predicted by some economists. 
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This is the measly rate paid by the average at-call savings account after rates fell by 25 bps across the board in May. 
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Savers may find relief by stashing their cash in a term deposit account with 13 providers raising their rates by an average of 28 bps across various terms last month. 
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The average credit card rate is virtually unchanged at 17.44 percent despite the record low cash rate. In fact, Mozo found the average credit card rate is now 10 times higher than official rates.
For more information, <a href="https://mozo.com.au" target="_blank">click here</a>.
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RBA holds on rates: Mozo’s five-need-to-know numbers

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RBA Governor Glenn Stevens' June 2016 statement
At its meeting today, the Board decided to leave the cash rate unchanged at 1.75 per cent.
The global economy is continuing to grow, at a lower than average pace. Several advanced economies have recorded improved conditions over the past year, but conditions have become more difficult for a number of emerging market economies. China's growth rate moderated further in the first part of the year, though recent actions by Chinese policymakers are supporting the near-term outlook.
Commodity prices are above recent lows, but this follows very substantial declines over the past couple of years. Australia's terms of trade remain much lower than they had been in recent years.
In financial markets, conditions have generally been calmer for the past several months following the period of volatility early in the year. Attention is now turning to some particular event risks. Funding costs for high-quality borrowers remain very low and, globally, monetary policy remains remarkably accommodative.
In Australia, recent data suggest overall growth is continuing, despite a very large decline in business investment. Other areas of domestic demand, as well as exports, have been expanding at a pace at or above trend. Labour market indicators have been more mixed of late, but are consistent with continued expansion of employment in the near term.
Inflation has been quite low. Given very subdued growth in labour costs and very low cost pressures elsewhere in the world, this is expected to remain the case for some time.
Low interest rates have been supporting domestic demand and the lower exchange rate overall is helping the traded sector. Over the past year, growth in credit to businesses has picked up, even as that to households has moderated a little. These factors are all assisting the economy to make the necessary economic adjustments, though an appreciating exchange rate could complicate this.
Indications are that the effects of supervisory measures have strengthened lending standards in the housing market. Separately, a number of lenders are also taking a more cautious attitude to lending in certain segments. Dwelling prices have begun to rise again recently. But considerable supply of apartments is scheduled to come on stream over the next couple of years, particularly in the eastern capital cities.
Taking account of the available information, and having eased monetary policy at its May meeting, the Board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and inflation returning to target over time.
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Apartment supply is an issue: RBA Governor Glenn Stevens' June 2016 statement

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The RBA cash rate decision came out at 2.30 today with the decision to hold rates at 1.75 percent.
Monetary policy decisions are expressed in terms of a target for the cash rate, <a href="https://www.rba.gov.au/statistics/cash-rate/" target="_blank">which is the overnight money market interest rate</a>.
CoreLogic head of research Tim Lawless said the RBA has left the cash rate on hold today at the historically low setting of 1.75 percent and mortgage rates are likely to remain at their lowest levels since 1968.
He said in making their decision the RBA is facing conflicting economic trends.  
"On one hand we have an economy that is growing at just over 3 percent per annum, low unemployment and a re-accelerating housing market," he said.
"On the other hand the RBA is confronted with a core inflation reading which is at a record low as well as the lowest wages growth on record.  While the decision to hold rates was widely expected, the prospect of a further rate cut later this year is still well and truly on the cards.  
"If the June quarter inflation data, which is out a week before the RBA’s August board meeting, provides another weak reading, the chances of a rate cut in August are high.  The turnaround in the pace of capital gains across the housing sector is likely to be a concern for the RBA. 
"CoreLogic reported a 1.6 percent rise in capital city home values last week, following a 1.7 percent rise in April. The stronger housing market conditions have been enough to reinflate the trend rate of growth which is something the RBA and the banking sector regulator are likely to be keeping a close eye on.  
"Strong housing market conditions probably wouldn’t be enough to block a further rate cut, however, if the renewed growth trend continues, there is the potential for a further regulatory response that could cool housing market demand while at the same time allowing monetary policy to stimulate the broader economy."
Laing+Simmons managing director Leanne Pilkington said interest rates need not drop any further.
"Most lenders passed on last month’s cut either in full or part. Strictly from a finance perspective, there’s never been a better time to obtain an affordable loan,” she said.
“But a low interest rate is just one piece of the affordability puzzle, and there are many other influences conspiring to keep a property purchase out of the realm of many young people.
“For first home buyers, the situation leading into the election remains unchanged, despite last month’s rate cut. Accumulating a deposit against the background of a less certain economic environment, a changing employment picture and the high cost of renting is more difficult than ever." 
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RBA holds at 1.75 percent at June 2016 meeting

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GUEST OBSERVER
After the Reserve Bank of Australia’s cut the cash rate to 1.75 percent in May due to unusually weak inflation, recent figures show GDP growth, in the March quarter, rose to 1.1 percent, higher than expected.
The unemployment rate remained steady at 5.7 percent, while the global economy continues to paint a motley picture. Relative to last month, the CAMA RBA Shadow Board’s policy preferences have become more hawkish; however, this reflects last month’s divergence between its preferred interest rate setting and the RBA’s actual decision. The Shadow Board attaches a 52 percent probability to a rate hold being the appropriate policy setting. The confidence attached to a required rate cut equals 11 percent, while the confidence in a required rate rise equals 37 percent.
Australia’s unemployment rate stood firm at 5.7 percent. The participation rate remained virtually steady at 64.8 percent. Nominal wage growth at 2.1 percent year-on-year is the lowest it has been in 18 years, reflecting slackness in the labour market and a replacement of high-wage jobs in the mining industry with lower paying jobs elsewhere in the economy.
Last month’s rate cut pushed the Aussie dollar four cents lower, relative to the US dollar; it is trading between 72 US¢ and 73 US¢. For the same reason yields on Australian 10-year government bonds have fallen to under 2.3 percent.
Domestic share prices rose to new highs. The S&amp;P/ASX200 last week closed above 5400, the highest since August 2015. Global stocks markets have been similarly buoyant.
Australian GDP growth was unexpectedly high in the first quarter of 2016, clocking in at 1.1 percent, compared to 0.7 percent in the previous quarter. At this rate, annual GDP growth for the 201⅚ fiscal year will equal around a healthy 3 percent.
The US economy is continuing to grow near potential but the most recent unemployment figures disappointed. Other countries are faring less well. Russia is hoping its economy will start growing again later this year while Brazil just announced its economy contracted by 5.4%, year-on-year, in the first quarter. China’s growth rate is expected to be between 6 percent and 7 percent; recent announcements by the Chinese government of large-scale infrastructure projects are no doubt meant to breathe new life into the Chinese economy. Europe’s economies are expanding modestly, Japan is standing still and there remains uncertainty surrounding the resilience and strength of the world’s developing economies, especially those carrying large debt burdens.
Consumer confidence, as measured by the Westpac/Melbourne Institute Consumer Sentiment Index, leapt from 95 in April 2016 to 103 in May. Business confidence, according to the NAB business survey, fell slightly from 6 to 5 in April. The AIG manufacturing index fell slightly, but the services index, also a leading economic indicator, rose.
The Shadow Board’s confidence measures have shifted considerably. It attaches a 52 percent probability (63 percent last month) that “no change” is the appropriate policy, an 11 percent probability (29 percent last month) that a rate cut is appropriate and a 37 percent probability (8 percent in the previous month) that a rate rise, to 2.00 percent or higher, is appropriate.
It must be borne in mind, however, that the Shadow Board, in contrast to the RBA which lowered the cash rate last month, preferred to keep the cash rate on hold in May. Hence, the current probabilities overall reflect a more hawkish stance relative to the RBA.
The probabilities at longer horizons are as follows: 6 months out, the estimated probability that the cash rate should remain at 1.75 percent equals 24 percent (29 percent in May). The estimated need for an interest rate decrease has fallen from 29 percent to 16 percent, while the need for a rate increase has risen 18 percentage points to 60 percent. A year out, the Shadow Board members’ confidence that the cash rate should be held steady equals 14 percent (19 percent in May), while the confidence in a required cash rate decrease equals 16 percent (19 percent in May) and in a required cash rate increase 70 percent (61 percent in May).
<a href="/images/2016/06/07/Screen%20Shot%202016-06-07%20at%2010.28.31%20AM.png" target="_blank">Click to enlarge</a>
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For more information, <a href="https://cama.crawford.anu.edu.au/rba-shadow-board" target="_blank">click here</a>.
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The nadir of the interest rate cycle is probably reached: RBA Shadow Board

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GUEST OBSERVER
Having cut its cash rate by 25bp last month, in response to the very low Q1 CPI print, we see the RBA on hold this month.
Although inflation is below the 2-3 percent target, strong local growth is expected to gradually lift inflation back to target over time 
Our central case is for a further 25bp cut in August; however, the RBA will have a keen eye on the Fed, as a further large fall in the AUD could obviate the need for another cut 
The Fed and the AUD 
The key local development over the past month has been the upside surprise to Q1 GDP, which grew by a stronger-than-expected 3.1 percent y-o-y. However, most of the surprise was to exports, with growth in domestic demand remaining only modest and local income growth quite weak. 
In short, although the RBA could consider revising up its growth forecasts as a result of the Q1 GDP print, the composition of the growth means that the outlook for low inflation is likely to remain unchanged. 
However, we do think that the stronger GDP combined with the signs of continued modest improvement in the labour market are likely to keep the RBA from considering a cut in June or July. Indeed, given that the driving factor for the 3 May 25bp cut was the surprisingly weak Q1 CPI print, and that the meeting’s minutes revealed that the RBA board was hesitant about that cut, we think the RBA will need to see the Q2 CPI before it would consider a further cut. 
Our central case is for the RBA to cut its cash rate by a further 25bp to 1.50 percent in August, following the Q2 CPI print (we expect the trimmed mean to be around 0.4-0.5% q-o-q), and for the central bank to hold steady at 1.50% over subsequent quarters.
 However, as always, there are risks to this forecast. A key factor in play at the moment is the Federal Reserve. An improving US economy and more hawkish commentary from Fed officials mean that the market is now pricing in a 55 percent likelihood of a Fed hike by July (HSBC’s economists expect a 25bp Fed hike in September). 
A key result of the more hawkish Fed has been a depreciation of the AUD, which has fallen from USD0.78 in mid-April to around USD0.72 recently. At same time, commodity prices have held up, particularly supported by higher iron ore prices. 
If the Fed does lift its policy rate in coming months and this pushed the AUD lower, it could discourage the RBA from cutting. In addition, local housing prices are, once again, rising, which could make the RBA more reluctant to cut further. We see the RBA on hold in June and July, and have a cut pencilled in for August, after the Q2 CPI. However, the risk to this view is that the RBA delivers less, not more, in our view.
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The June meeting is likely to be uneventful
The key development since the RBA’s last meeting has been the upside surprise to the Q1 GDP numbers. GDP rose by a stronger-than-expected 1.1 percent in the first quarter and was 3.1 percent higher y-o-y (Chart 1). However, the upside surprise mainly came from exports, while domestic demand and local income growth remained too weak to lift inflation. The consumption deflator – which is the measure of consumer price inflation in the GDP numbers – was particularly weak, falling -0.1 percent q-o-q and up only 1.2 percent y-o-y. This helps to explain why underlying inflation fell to a more than two-decade low in the first quarter, despite the strong GDP growth.
The range of other domestic indicators has generally shown solid growth. Building approvals were stronger than expected, prolonging the housing construction boom, and the retail numbers for April were solid (3.6 percent y-o-y). Jobs growth was as expected in April (2.1 percent y-o-y) and the unemployment rate was steady at 5.7 percent. Our labour market index, which aggregates a collection of timely jobs market indicators, suggests continued modest improvement in labour market conditions (Chart 2).
In sum, although inflation is too low, and the case could be made for a further cut, an immediate cut seems unlikely. Keep in mind that the RBA has a ‘flexible’ inflation-targeting regime, which allows the CPI to be outside the band for periods of time, without requiring an immediate response. The RBA’s own forecasts have underlying inflation remaining below the bottom edge of the target band until mid-2018 (Chart 3). The key question the RBA will now be asking, month-to-month, is whether developments over the past month make it more or less likely that inflation heads back to target over that time horizon.
In this document HSBC may comment on the potential economic impact dependent on the outcome of the UK Referendum. HSBC is not taking a political position and this document and the information contained herein are not intended to promote or procure, or otherwise be in connection with promoting or procuring, a particular outcome in relation to the question asked in the UK Referendum.
 
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What the Fed could mean for the RBA
A key development that could affect the local inflation outlook and the RBA’s willingness to cut further is the recent shift in policy rate expectations of the Federal Reserve. The main channel through which this impacts the RBA is the effect it could have on the AUD.
The AUD has already fallen from a peak of USD0.78 in mid-April to around USD0.72 recently (Chart 4). At same time, commodity prices have held up, particularly supported by higher iron ore prices, which has driven the commodity price index to an seven-month high in AUD terms. The fall in the AUD should help to support growth, particularly as growth is being more driven by services exports, which are exchange-rate sensitive. The lower AUD should also help to lift inflation.
Watching what the Federal Reserve does in coming months has a bearing on the RBA’s outlook largely through its likely effect on the AUD.
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<a href="https://www.about.hsbc.com.au/hsbc-in-australia/management-team" target="_blank">PAUL BLOXHAM</a> IS CHIEF ECONOMIST (AUSTRALIA AND NEW ZEALAND) FOR HSBC. 
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RBA on hold, with a keen eye on the Fed: HSBC's Paul Bloxham

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Last month’s surprise cash rate cut is unlikely to be the last for 2016, according to finder.com.au, one of Australia’s biggest comparison websites. 
While all 31 experts (100 percent) in the <a href="https://finder.us9.list-manage.com/track/click?u=cc5e9bce699fa1d71a67cf499&amp;id=7dc80c0687&amp;e=58cd8ffd03" target="_blank">finder.com.au Reserve Bank Survey</a> are forecasting the cash rate will hold at the new historic low of 1.75 percent at the Reserve Bank board meeting tomorrow (7 June 2016), 68 percent (21/31) predict there’s a further cut on the way this year 
Most of these experts (14/31 or 45 percent) are tipping August as the month most likely for a rate cut. Three experts (10 percent) are forecasting September for a rate drop, while four experts (13 percent) think we’ll have to wait until November.  
As for how low the cash rate may drop this cycle, the majority (60 percent) of experts are forecasting it will fall to 1.50 percent, while 12 percent believe there’s scope for the cash rate to cut to even lower than this. 
Bessie Hassan, Money Expert at <a href="https://finder.us9.list-manage2.com/track/click?u=cc5e9bce699fa1d71a67cf499&amp;id=8be71cac36&amp;e=58cd8ffd03" target="_blank">finder.com.au</a>, says it’s now more important than ever for first home buyers to do their research before entering the market.
“Despite an attractive low rate market, one-third (33 percent) of experts thought that the market pre-GFC was more suitable for first home buyers. Just 10 percent believed the current combination of economic factors in Australia (low interest rates and fluctuating house prices) makes this the best market for first home buyers since the GFC,” says Ms Hassan.
Reasons cited include deteriorating affordability and lack of government stimulus. 
“State governments have different levels of support for first home buyers. Check your state government website to ensure that you’re aware of any grants or concessions that are available to you.”
For example, under the New South Wales First Home - New Home scheme, eligible first home buyers are exempt from transfer duty on new homes valued up to $550,000, while those residing within Tasmania and the Northern Territory do not have any duty concessions available to them.
First home buyers also need to be careful when considering their home loan options, Ms Hassan says. 
“While the cash rate is at a historic low, don’t be enticed by a low advertised rate alone. Make sure you look at the comparison rate on offer, as this is a better reflection of the cost of the loan.  
“Also factor in the features and flexibility of the loan and think about your current and future lifestyle and how these may be impacted financially. For example, if you’re thinking of having children or if you don’t have job security, you may opt for a fixed rate loan for greater peace of mind.  
“There are some fantastic deals out there – for both variable and fixed loans – but you’ve got to make sure you do the groundwork to reap the benefits of a low rate environment.”
Keep in mind, however, that low rates won’t hang around forever, she says. “Two in five experts are predicting a recovery next year, saying a rate rise is in the pipeline beyond 2016.”  
When asked about recent warnings that Australian property market prices could rise by 10 percent by 2020, 35 percent of experts agreed with this prediction. Thirty percent of experts are forecasting a rise of 5 percent by 2020, while 25% predict no change or a drop in house prices between now and then. 
What our experts had to say in the June Reserve Bank Survey: 
Shane Oliver, AMP Capital: "While I expect the RBA to cut the cash rate again this year, not enough will have happened to bring on another move by the June meeting." 
Peter Munckton, Bank of Queensland: "We have had no new information to change RBA's view that 1.75% is the right rate."
Richard Robinson, BIS Shrapnel: "The last cut successfully engineered a fall in the dollar, which the RBA desired. Although inflation is low, deflation is unlikely (oil prices have already risen sharply since January), and the economic growth is sufficient to prevent a marked increase in the unemployment rate. Better to leave some rate cuts for later – when they might need them."
Chris Caton, BT Financial Group: "The Bank may cut again but it is not in a hurry."
Dr Andrew Wilson, Domain Group: "RBA to take a wait and see approach after last month’s cut with data remaining mixed. Inflation critical but bias remains solidly for another cut this year although a near-term rise in US rates may stay the RBA hand." 
Scott Morgan, Greater Bank: "The RBA will wait to see the impact of the most recent cuts. There is no recent economic data that would change the RBA's view." 
Mark Brimble, Griffith University: "While bias remains to easing, the RBA is likely to tread carefully and wait for the reaction to the previous month’s rate cut to emerge and further data in relation to confidence, inflation, lending and capital expenditure prior to easing again."
Mandeep Sodhi, HashChing: "RBA would want to wait till August 2016 to see the flow on effects from rate cut in May 2016. The July 2016 election results will also give some clear directions and would make sense to wait till August 2016. There are no compelling reasons for RBA to change the interest rate in immediate short term. This is a good time for existing homeowners to revisit the interest rate they are getting and negotiate a better rate from existing lender. Home owners do not need to wait for another rate cut in this competitive market where lenders including  big 4 banks are offering home loan interest rates below 4% p.a."
Jason Spencer, homely.com.au: "The Australian economy is looking stronger, global issues are dissipating and the Australian dollar is falling so rates should remain on hold on June 7." 
Shane Garrett, Housing Industry Association: "The RBA will take time to assess the consequences of its May rate cut as well as possible developments in inflation before moving on rates again." 
Paul Bloxham, HSBC: "They just cut last month and, in our view, will want to see the Q2 CPI print before considering a further move."
Michael Witts, ING Bank: "Given low inflation was the driver behind the May decision we would suggest that the RBA will look for further data on this front."
James Boyle, Liberty: "It’s hard to ignore the downgraded inflation forecasts the Board issued earlier in the month, although I still don’t see another cut coming until at least August. This is despite jobs growth and unemployment remaining modest, but steady, and wage growth continuing to slow. The Board will no doubt be monitoring the impacts of the last rate cut on the country’s stronger property markets. Auction clearance rates in Sydney performed strongly on back-to-back weekends in May, while Melbourne is seeing listing numbers similar to the same time as last year. First home buyers and investors are returning to the market with the promise of lower interest rates – and this is improving the outlook for the sector. At the same time Mr Stevens has expressed that there is a bit of flexibility in the RBA’s inflation target, so we’re likely to see the cash rate hold for a few months, despite inflation being low, to see if other improvements come about. Economic recovery abroad in the US and Europe is tipped to be slow and steady over the coming years and I don’t foresee Australia being any different.” 
Grant Harrod, LJ Hooker: "The RBA will now monitor the effect last month's rate cut has on the economy. Lending institutions continue to de-risk the housing market by raising rates to investors, and limiting borrowing by non-resident buyers. This is resulting in price growth moderating and also allows the RBA to cut rates further, later in the year, as needed."
Stephen Koukoulas, Market Economics: "Economy doing reasonably well – no need for further monetary policy stimulus."
John Caelli , ME: "Having just cut, the RBA will likely hold until August to assess CPI figures before cutting again to confirm their initial assessment. The RBA continue to target inflation within a 2 to 3 percent band over the longer term." 
Mark Crosby, Melbourne Business School: "Having just cut, and with the US likely to raise there is no compelling reason to cut despite low inflation numbers."
Effie Zahos, Money Magazine: "The next inflation report isn't due until July 27 so it could be a case of hold steady until August." 
Emily Dabbs, Moody's Analytics: "The central bank will likely wait to see if the May rate cut has bolstered domestic demand and put upward pressure on inflation. Further rate cuts are likely down the track." 
Jessica Darnbrough, Mortgage Choice: "There are a couple of reasons why the Reserve Bank may choose to leave the official cash rate on hold this month. In the first instance, unemployment remains low, sitting at 5.7%. Secondly, consumer sentiment has improved significantly over the last month - both of which are positive signs for the broader economy.”
Christopher Schade, MyState Bank: "There's no urgent need to deliver another cut to the Australian economy with the Australian dollar weaker, the economy going OK and May's cut requiring some time to work through the economy. It is more likely the RBA will take some time to see how the Australian economy and global conditions develop over the coming months before making any further changes to the cash rate."
Saul Eslake, Independent Economist and Financial Commentator: "They have responded to the lower-than-expected CPI, the currency has since fallen quite a lot, their other forecasts for economic growth and unemployment haven't changed, no need to lower rates again."
Alan Oster, NAB: "Too early to judge inflation and non mining outlook."
Jonathan Chancellor, Property Observer: "The last move is enough." 
Matthew Peter, QIC: "Having cut in May, the RBA will await the next read of inflation in July before deciding whether to cut another 25 basis points." 
Noel Whittaker, QUT: "[The RBA are] awaiting the outcome of last cut" 
Angus Raine, Raine &amp; Horne: "The RBA made a big call in dropping interest rates last month, and with the Federal Election on the horizon, I don't expect any movement this month." 
Nathan McMullen, RAMS: "Further assessment of impact of recent monetary easing required."
Janu Chan, St.George Bank: "The RBA will choose to wait a while after the decision to cut rates at its last meeting. "
Scott Pape, The Barefoot Investor: "The cuts are coming… just not this month."
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