Another steady month for interest rates, as Reserve Bank keeps cash rate on hold

• Official interest rates remain steady
   
• Economy still needs work
   
• Rate outlook still stable
   
• Winter housing markets mostly solid

Official interest rates will remain at the record low level of 1.5 per cent over September with rates now steady since August last year.

Latest economic data continues to send varying signals reflecting longer-term impediments to growth that will likely see the Reserve Bank stay on the sidelines with official rates for the foreseeable future

Although the labour market has improved recently with a lower jobless rate and a revival in full-time employment growth, some states are clearly doing better than others.

Wages growth remains at near-record low levels with annual growth matching prices growth and constraining consumption

Winter housing markets have produced solid results overall, however, activity in the Sydney market is now clearly easing with the Melbourne market now the national leader.

Andrew Wilson is Domain Group chief economist
Twitter@DocAndrewWilson
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