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Growing case for July rate cut

By Phillip Tarrant

With dwelling commitments and consumer confidence falling at an unprecedented rate, the possibility for a July rate cut is increasing - which will be welcome news for most property investors.

Data from the Australian Bureau of Statistics last week revealed that dwelling commencements fell sharply in the March 2012 quarter and have been declining since the middle of 2010 to run at an annualised level of 122,492.

If the Reserve Bank of Australia does choose to cut the official cash rate next week, all eyes will be on the majors to see if they pass any or the entire rate cut on to their borrowers.

Last month, ANZ was the only major bank to pass on the rate cut in full.

The lender’s decision to break ranks with the Reserve Bank and review its cash rate on the second Friday of every month meant the other majors only had to wait a couple of days after the rate announcement to see what their major peer did with rates.

Growing case for July rate cut
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