The Reserve Bank once again opted to leave the official cash rate at the 26-month low of 1.5 per cent this week.
Announcing the decision, RBA Governor Philip Lowe remarked that conditions in the Sydney and Melbourne housing markets have continued to ease and nationwide measures of rent inflation remain low.
"Growth in credit extended to owner-occupiers remains robust, but demand by investors has slowed noticeably as the dynamics of the housing market have changed.
Philip Lowe RBA Governor
Credit conditions are tighter than they have been for some time, although mortgage rates remain low and there is strong competition for borrowers of high credit quality, the low level of interest rates is continuing to support the Australian economy."