Improved economic data suggests the Reserve Bank of Australia may not need to cut the cash rate. Source: AAP
THE housing industry believes the central bank has missed an opportunity to provide a boost to the struggling residential building sector.
The Reserve Bank of Australia (RBA) kept the cash rate at three per cent at its monthly board meeting on Tuesday.
RBA governor Glenn Stevens said with inflation likely to be within its two to three per cent target band, and with growth likely to be a little below trend over the coming year, an accommodative stance of monetary policy was appropriate.
"The inflation outlook, as assessed at present, would afford scope to ease policy further, should that be necessary to support demand," Mr Stevens said in a statement.
But Housing Industry Association senior economist Shane Garrett said the RBA should have cut rates now, with Monday's unexpectedly weak building approvals data for January indicating a sustained residential construction recovery is some way off.
"What's good for the residential construction market is good for the wider economy. International factors have squeezed many sectors of the Australian economy and this calls for further action from the RBA," Mr Garrett said in a statement.
Retailers were equally unimpressed, despite new data showing spending jumped by 0.9 per cent in January, more than double the growth expected by economists.
Australian National Retailers Association chief executive Margy Osmond, while welcoming the apparent lift in consumer spending, said this came after another poor Christmas period.
"Without continued cuts to the cash rate, we may lose the momentum of the return to spending at the start of the year," Ms Osmond said.
However, one mortgage broker believes retail banks could go it alone and cut their lending rates independently of the RBA.
"The banks have no issues at the moment with cost of funds and we can see them cutting their rates as they aggressively compete for home finance business," 1300HomeLoan managing director John Kolenda said in a statement.
"As the competition intensifies among lenders we could see rates reduced slightly by five to 10 basis points over the coming months."
One bookie agrees, saying homeowners could be in for a treat.
Sportsbet.com.au has odds of $2.50 that the National Australia Bank will independently cut first, despite the RBA's inaction, followed by Commonwealth Bank at $3.
Westpac and the ANZ are also in the market at $4 and $5 respectively
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