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Current Market Insights
Episode 77: RBA Rate Cuts and Market Implications
Hosts Ciaran O'Brien and Peter O'Malley analyze the RBA’s recent rate cut and its impact on the Australian property market. We explore the central bank’s strategy for managing inflation, the likelihood of further cuts, and the government's evolving stance on foreign investment in housing.
We break down key economic perspectives on the timing of future cuts, the cautious optimism surrounding monetary policy shifts, and how these changes could influence consumer spending and market recovery. Tune in for insights on what lies ahead for buyers, investors, and the broader property landscape.
As always if there is a specific topic you would like for us to cover, please reach out and let us know!
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Speaker 2:Welcome to the Current Market Insights podcast brought to you by Harris Partners Real Estate. Each episode we chat with real estate author and industry leader, peter O'Malley, to discuss the current property market conditions and provide insights to assist you on your property journey.
Speaker 3:Hello and welcome to another edition of Current Market Insights. I'm your host, kieran O'Brien, and with me, as every other week, is my good friend, mr Peter O'Malley. Peter hello, kieran, great to see you, great to see you, peter. A really big episode tonight. I think we have been sitting around talking since last year. I mean, we always talk about the RBA and we talk about their impact on property, but we have said over the last few weeks that the RBA's next meeting is coming, the announcements are coming and collectively, we had some thoughts on what might happen. You certainly had some thoughts, but I thought we might start off tonight's episode with you just running our listeners through what the RBA had to say, what their statement position kind of is and what it tells us, and then we can spend a bit of time just dissecting their thinking and how we got to this point.
Speaker 1:Thanks, kieran. Well, look reading some extracts from the RBA statement that came out after their decision. The RBA said underlying inflation is moderating. And that was the first big headline in their statement. And that's significant because you remember that when headline inflation fell and fell within the target band 2% to 3% and everyone said you beauty, we're getting rate cuts and the RBA said not so fast. We're monitoring underlying inflation, not headline inflation. So a quote unquote. The RBA said inflation has fallen substantially since the peak in 2022 as higher interest rates have been working to bring aggregate demand and supply closer towards balance. In the December quarter, underlying inflation was 3.2%, which suggests inflationary pressures are easing a little more quickly than expected. Quote unquote. So they are still above the target band there at 3.2% for underlying inflation, but there's clear signs of what's called disinflation, not to be mistaken with deflation, and disinflation means that the inflation is coming down, whereas deflation means that prices have fallen into the negative minus zero.
Speaker 3:Okay, so we've got an underlying inflationary figure of 3.2% and, if I recall correctly, last time we spoke the underlying inflation was around 3.6% or 3.7%, so we certainly are trending in the right direction. One of the other things that I did notice in the statement and in the language from the RBA was they were very quick to talk about the fact that we still have low unemployment and we still do have some inflationary challenges ahead. Do you get a sense and I always ask you a little bit about your read on the tone of the statement? Do you get a sense from Michelle Bullock's words and the bank's words whether or not they think that we're heading into a cycle of cuts? Or are they saying, look, we've had a good quarter and we're going in the right direction, but we've still got a little bit more time to work things out?
Speaker 1:It's definitely the latter. The last thing that Michelle Bullock wants to do is create another bout of speculation and frenzy in the economy and the property market, which pushes inflation back up. So they did say in their statement that wage pressures have eased a little more than expected. Housing cost inflation is abating and businesses in some sectors continue to report that it has been hard to pass on cost increases to final prices. So there's a range of issues there that fed into their decision.
Speaker 3:Okay, one of the things I really want to get your thoughts on.
Speaker 3:Over the last few weeks, I feel like every time I turn on the radio, every time I read the paper, you know, television et cetera, this is a topic for discussion a lot of the time and a lot of the economists you know so-called have repeatedly said look, we don't think that there's going to be a rate cut in February.
Speaker 3:We think that, you know, the economic situation is actually worse than everyone's making it out to be. You know, we get the impression that you all want it, we're excited for you, but it's really not going to happen. I parallel that with conversations that you and I have had over the last few months and, in particular, a statement you made with Louis Christopher on Talking Property back in December last year, where you pretty vehemently said that there will be a rate cut in February. You were quite confident there was going to be. Given that all the economists so-called thought that it wouldn't go ahead, can you give me and our listeners some insight into what your thinking was and what your, I guess plan of review was that made you so sure that we were going to see a rate cut?
Speaker 1:Yeah, look, there were a lot of economists that thought there would be a rate cut in February as far back as December as well but equally there were many who said that the RBA shouldn't cut. Now, if you look at, say, warren Hogan from Judo Bank, he said beforehand the RBA shouldn't cut, and then the reasoning as to why he felt they shouldn't cut and he was critical of the RBA when they did cut is because he took a historical perspective. He said there's precedent here when you cut too early, when the data gets to just that point where you want it to be and then you cut, you can historically set off another bout of inflation. And yes, he said something along the lines of everyone can enjoy their $50's rate cut in the future because the RBA need to dial up rates harder and faster again to offset the inflationary outbreak that this could create. That was his view.
Speaker 1:Other economists, I think, were maybe taking the RBA a little bit too literally in some of their statements. The RBA are well known for jaw boning. So I'm just walking you through here everything that I went through and what I was reading, which is highly, all highly contradictory information and research and opinion to form the view that I was very, very confident, as you say, back in December that they were going to cut in February. So, and some of it's anecdotal and some of it's research driven. So the first point I go to the Commonwealth Bank of Australia. Despite what data came out, the CBA did not budge in claiming that the interest rates were going to be cut in February. Some other retail banks and smaller banks were saying, oh, the first rate cut will be April. No, we've pushed it back to May. But the CBA didn't budge for quite a long time saying the first rate cut will be in February 2025. Cba, being the largest bank in Australia a retail bank that is would have data that's only second to the RBA. Yeah, yeah.
Speaker 1:So when they are not being washed around with the commentary of the day and they're resolute, as they were on the back end of 2024, the RBA would be forced or prone to cut in February. It's because they're looking at people's finances. Now, if we go back to Warren Hogan's point about historically inflation jumping, what we have to keep in mind in decades gone past is that central banks did not have the data that they have today because a bank card and a credit card they weren't revolutionary, but not everyone ran around with a bank card in 1989, yeah, oh yeah, absolutely Certainly. Kids weren't going to school with bank cards. They were given cash by their parents and there was a larger component of the cash economy. So it was much harder for the RBA to get a handle on spending. But we are in the digital age and essentially, kieran, every transaction when you go and tap for your cup of coffee tomorrow, that sets off a bell of sorts. I'm using you know being figurative here, but it sets off a bell within the RBA. The RBA has massive data to know what spending is happening in the economy.
Speaker 1:So when I looked at it anecdotally, coming out of the October long weekend last year, there was just an evident and obvious shift in the mood of the people. I don't know if you felt it, but just late last year it became really common socially for people to say I can't do that, I can't afford it, I don't have the money for that, openly shopping for lower prices. I was noticing what were usually busy. Cafes were quiet. Peak hour times at cafes were down. Restaurants weren't performing the way that they're used to. So I was just watching this anecdotal evidence in front of me. Further to that, there were many people. The last of the fixed mortgages from the COVID era expired around last October, and October is a significant point on the calendar because the lockdowns the second lockdown in New South Wales finished in October 2021. Yeah, so October 2024 is if you were fixing around that time for three years, which would have been a really smart play. I didn't do that. I was fixed for two years.
Speaker 2:Me neither.
Speaker 1:I was fixed for two years, from late 2021. But the last of the people who were enjoying those ultra-low interest rates came off and, as you know, having been there yourself, it's a shock when you come off paying 2% mortgage rate and you're paying 6% or whatever it is. So there was a form of mortgage cliff that hit late last year and then, when you put all of that together and then inflation the headline inflation was coming down. Underlying inflation was following slowly. The only piece of data and the RBA have drilled into us now that we're data dependent, the only piece of data that went against a rate cut was that unemployment rate that went from 4.1 to 3.9 percent and then at December or in January, it popped back up to 4 percent. That was the only thing that was going against what the RBA wanted to see. They would have liked underlying inflation to be in the twos before they cut, but nevertheless it pulled back sharper than expected in January.
Speaker 1:Now let's go to the election. Anthony Albanese has had a torrid term and he did inherit this inflationary problem. In fairness, he didn't cause it. He probably kept it going longer than it needed to, if you believe some people with high government spending, but he inherited it and, with an election coming up, the RBA had to ask themselves do we want the first rate cut to be in the middle of an election campaign, or do we want to get in front of it?
Speaker 3:Yeah.
Speaker 1:I know what label on it. Look, they got what they wanted and they have earned that rate cut because during their term they have overseen 12 straight interest rate hikes. The first one was just before the election. Of course, what we must keep in mind that of the interest rate hikes that Labor had to endure, four of them were doubles. They were 0.5.
Speaker 3:Yeah, yeah, I was hoping for a 0.5 cut but of course, given all the the you know the language around the cut it was obviously very, very unlikely. One of the so on that talking property and for our listeners who don't know, peter and louis christopher from sqm research do a video series a couple of times a year. That's really a very deep dive into the data around property all over Australia, but particularly focused on Sydney, and every year SQM Research put out a really comprehensive boom and bust report that looks at, you know, the most likely scenarios for property. Interestingly in that segment, when you called for the rate cut, it was part of the segment where Louis was discussing which one of his likely scenarios was going to play out in the market and historically he's been very, very close, or, you know, spot on with what was going to happen. And it's one of the few times that you guys were at odds over what might happen. You, as you know quite rightly, were confident we'd see a cut and then what was going to happen was going to happen. I note, or I preface that by saying today uh, louis tweeted that in fact, the scenario you suggested is now the likely one and we're going to see a rally in the market.
Speaker 3:Conversely, plenty of media over the last, let's say, 72 hours, maybe a little bit longer, on just popular, you know, real estate websites, media channels, whatever have been talking about how now, with the right cart, here's how you can save so much money on your house and get into the market. Now I view that obviously as spin and it's, you know, an opportunity to just kind of, you know, coerce people into the market. But given we've got some conflicting media, I guess, around this issue now, what do you think is actually likely to happen from this cut? Do you think it's substantial enough to really rock the market or is it more likely to just kind of be a tipping point to push us into, you know, the momentum or the path that we're going to face for the next six months?
Speaker 1:Look, it's definitely not going to rally the market in and of itself and I won't speak for Louis, but I did see him interviewed last night in a segment and part of his thinking that the market will rally on the back end of the year not on Saturday on the back end of the year is because there'll be further rate cuts. The question about will the market rally from here or not? I'll quote from the RBA statement again, which I think answers it really succinctly. The board's assessment is that monetary policy has been restrictive and will remain so. After this reduction in the cash rate, some of the upside risks to inflation appear to have eased and there are signs that disinflation might be occurring a little more quickly than earlier expected. There are nonetheless risks on both sides.
Speaker 1:Finish of the quote. So what the RBA are saying there is. We believe and we know that we have an interest rate setting that is highly restrictive for good economic activity and we have seen enough to know now that we can cut interest rates to offer some relief, relieve the pressure, the foot on the throat of the economy, if you like, without letting the inflation genie out of the bottle again. So that is why the RBA cut yesterday.
Speaker 3:Do you think then and I must admit I'm of the same sentiment that it's a cut to just kind of take the foot off the gas is how I view it, and we've often said that a rate hold is, in many ways, for people, the same as a rate increase.
Speaker 1:That's correct and the RBA have confirmed that by saying that even after we've cut, interest rates are at a restrictive setting. So you're absolutely right when you were saying last year a rate hold is like a rate hike for so many people's because it's at a restrictive setting.
Speaker 3:In economic speak, that is, we know we're crushing economic activity well, look exactly and and I tend to think that, uh, you're right, it does just kind of ease the, the, if anything. It eases the, the public's view of of the interest rates, more so than it actually eases much. You know, I think I read for the average mortgage holder, it's a hundred dollars a month difference, or you know something similar as the expected uh, which is not going to make a huge difference to many people.
Speaker 1:I wonder then, given that I think it's $100 a month on each $600,000 of debt.
Speaker 3:Yeah. So I think the one I saw was yeah, the average was about $750 and it would be roughly $100. I mean again, round figures, but we're not talking. It's not a $500 a week difference for people, it's not life-changing this cut. I wonder then, in your experience, given that we're at quite a restrictive setting still, how far or how many more cuts do you think let's assume we're going 25 basis points how much further do you think the RBA really need to go before the property market sees a fundamental shift, not just AR it's getting a little bit easier we may come in if we're already relatively well prepared but an actual shift where people go. You know what. This is now a prime time to get involved.
Speaker 1:They would have to go to emergency settings again, you would have to be talking.
Speaker 3:You know five or six cuts to create that outcome, in my view, Okay, and I think we said two weeks ago, maybe last week, that we expected that might be the end goal. Right, five or six cuts might be where we end up at all of this down with a rate around, I think we said, three to 4%, with mortgage rates being four to five. So five to six cuts, based on what we've talked about before, is really it's not a short-term thing.
Speaker 1:Look, it's fluid, it's a really fluid situation. I'm not sure that the RBA would have a goal on where they want to get interest rates to, because getting the interest rate or the mortgage rate to a certain level is not the goal. The goal is to manage inflation. That's the thing they want to be constant, not having an interest rate goal. So I'm not sure that the RBA would have a target. We must give a.
Speaker 1:Going back to Louis again, not wanting to speak for him, but highlighting his scenario that he's now calling as the one that will come true Another really, really important point in Louis' scenario there is it's not just a march rate cut followed by two or three, you know, a second and possibly a third.
Speaker 1:He is also saying in that scenario that a criteria is that the government maintain immigration numbers of 500,000 net into the country plus um, um know for that scenario to unfold. So you don't know what discussions, we don't know the common man, even the people in the media that refer to, they don't know what discussions are happening behind the scenes or back-channeling between the RBA and the government, which is, if you do go ahead and cut rates, we'll back off on immigration numbers. Or sending a message to the RBA and the government, which is if you do go ahead and cut rates, we'll back off on immigration numbers. Or sending a message to the RBA saying we know that the strong immigration numbers are driving up aggregate demand and our forecast and our intention this year is to only let 250 in. And then the RBA take that message and say well, hey, if we're going to cut immigration from 500 a year to 250, that's further evidence of why we might be able to throw in a rate cut or two at the moment.
Speaker 3:Yeah, you're exactly right, and we will never be privy to a lot of those conversations. Pivoting very slightly, then, on the topic of immigration and notably foreign investment, the Labor government have announced in the last 48 hours or so investment the Labor government have announced in the last 48 hours or so Claire O'Neill, I believe has basically just parroted an old Liberal Party policy restricting foreign investment For two years, I think they committed to on new build properties and you know developments up to a certain number, etc. Firstly, do you think that this is a meaningful policy at all, or is it just another announcement to kind of, you know, try and placate people and along with that, do you think it will actually have any impact on you know house prices, which is their goal here?
Speaker 1:Yeah, and ensuring that supply, the very little supply that has come to the market or been built since, since covid is not gobbled up by overseas investors. So it's a pretty reasonable position for the government to have taken and, um, it tells us that they are looking for solutions to to the housing crisis. So, um, you know, we spoke last year on the podcast about you know what I think was. The Daily Telegraph did a big investigation about the amount of money pouring into Australian residential real estate from overseas.
Speaker 3:Yeah, I think it was 3.9 to 4 point something, billion. It was huge yeah.
Speaker 1:And you know, what was interesting about the Australian dollar is it didn't fall when the RBA cut rates, which was one of the reasons that the economists you referred to earlier were saying the RBA wouldn't cut rates and can't cut rates, because the Australian dollar is already so low, so low. But I think the point that was being missed there is the money markets. Aside from the CBA, the money markets had priced in a rate cut around 75%, 80%. So the traders in the Forex market had already pushed the Australian dollar to levels that reflected the new interest rate cash rate of 4.1% before the broader market woke up andi was listening to mainstream commentary in january and they're saying oh, the australian dollar, it's crashing and when they cut interest rates we'll be in the high 50s. It was like there's no chance that'll happen.
Speaker 3:The market has just got there before the mainstream thinking has yeah, which is always the way with money markets it's the hot money oh, look it is, and and you, in fact you had called that earlier in the year on the podcast that the money markets had already priced in this cut long before it happened. Uh, I guess, just finally on that point, then, we have talked at length on the podcast late last year about how the government's plans around the delivery of housing are optimistic and and they're-delivering on all fronts. Do you think, then, whilst this two-year moratorium, whatever it may be, sounds good fundamentally, given the slow transition to actually building new houses, do you think it's actually going to have any tangible impacts? Just in your experience I mean, I'm not asking you as the planning minister, I'm asking as someone who's been in the game for a long time Do you think they will actually develop enough new housing to even warrant this being no, I don't, and I think that's why they've brought it in, because there's not enough housing to go around.
Speaker 1:so they need to kill some of the demand to give the locals a chance.
Speaker 3:Yeah, look, I get it. I wonder how that sits, you know, with pre-existing arrangements. I mean, a lot of these developers potentially would already have sold what they're building right. Would that not be reasonable to assume, I think?
Speaker 1:if you're already in a contract, they wouldn't tear the contract up, that's for sure. The contract's got a date. So if it predates, yeah, but that would be an unintended consequence and, as we know, with government policy there's always unintended consequences. And yes, if developers who are building the few that are sort of out there, giving it a crack in this environment, which is really tough for developers, if they're relying on 50% pre-sales to overseas investors and then suddenly they're told they can't sell to those people and you've got to sell 100% of your stock locally, that may cause them to stay on the sidelines, which drives new supply down further. I hope that doesn't happen, but that is a very, very plausible outcome.
Speaker 3:Yeah, look, I certainly hope it doesn't happen too, and I, you know we both agree.
Speaker 1:everyone agrees that we need a solution to housing in the country, whether it is immigration or more builds or better planning, like whatever it is, it does need to happen what you really need is you need, you need some sort of uh and it could come during the election campaign you need some sort of stimulus or incentive for first home buyers to create rabid demand and encourage developers to build, because what the government has potentially done here is is cut out a big segment of the market that drive demand for new development.
Speaker 1:Yeah, oh, absolutely and it's politically palatable.
Speaker 1:Like you know, it'd be very hard for the liberals and peter darton to come out and throw rocks at that, at that strategy well, it's basically their same policy, so it would be very, very hard, yeah, and you won't see them do that because you know, to the common man and woman on the street, so to speak, it sounds highly plausible, but it does have unintentional, unintended consequences that could spring off this and the way to counter the unintended consequences is to create some sort of incentive for first home buyers or people buying a new property and, I would not be surprised, taxation concessions if that forms part of both parties' policy in the upcoming election.
Speaker 3:Oh look, and the government's both sides have form on this. If you think back to, you know, periods where they've temporarily increased the first home buyers grant for new builds. I mean, there is form around subsidising or incentivising developers to actually build for new homeowners, absolutely manipulating the market in place, exactly, and it probably won't do anything for prices long term, but it should hopefully get people into the market. Before we close up this episode, which is, you know, obviously a big topic and very, very important. I uh on the you know, speaking of louis and speaking of his numbers, I'd really like to to get a feel for how this week's been uh in property and and really I'd love to get your thoughts on what the, if any, the conversation was prior to the RBA's announcement at Open Homes and with clients that you were talking to, and whether or not you got the sense that they were optimistic or not, and then what your experience has been just you know, chatting to people since the RBA have made their call.
Speaker 1:Sure well, look, the auction clearance rate last weekend was 53.1%, weekend was 53.1%.
Speaker 3:Jeez that's surging.
Speaker 1:Yeah, that's well. It's the strongest number in quite some time, probably since last August, Since August, yeah.
Speaker 3:Yeah.
Speaker 1:What I will say is that 140 of the total scheduled auctions. Of the 1,087 that were scheduled, 140 were rescheduled. So that's a real big trend in the market at the moment we're sort of what are we calling that? 13% of all campaigns the agents pushing the auction date back. So it's not counted as a failure, but the auction's still in play. Let's just give us two or three more weeks. So what I am seeing in the marketplace is inventories building up and the whole rescheduling. The auction has a short shelf life as far as the market pressures go. So let's have a look at the auction clearance rate and see if, if these, because if you're rescheduling 13% as an industry of your auctions week in week, out this is not just this is just one week's numbers.
Speaker 1:But if that's a trend in the market, you're only kicking the can down the road from the inevitable, aren't you?
Speaker 3:Absolutely and I actually think and I could be wrong, but I feel like over the past few months since August the 13 is probably slightly on the low side if you were to look at the average of what actually has been pushed we've certainly had weeks we've spoken about it where that's been much higher yeah, uh, yeah, quite possibly.
Speaker 1:Yeah. So of the sales, um, that did occur, uh, 279 was sold prior and 298 were sold under the hammer, 41 were sold after, 24 were withdrawn beforehand and 305 were re-advertised for private treaty. So, look, the best auction numbers that we've sort of seen, as I say, since last August and the three major auction weekends that we've seen in 2025 have actually shown a slight increase in the auction clearance rate each week, and then this week, obviously we've copped the rate cut, so it'll be interesting to see what buyer sentiment is like on the forthcoming weekend or two. We got the distinct impression that both buyers and prospective vendors were sitting on the sidelines waiting for this rate cut announcement. There were a lot of people that have intentions of acting in the market in 2025, but they just wanted to see what the RBA were doing, because, if anything tonight's podcast has highlighted, there was just so much contradiction and differing views as to what position the RBA were going to take this week that the market was absolutely waiting for the facts rather than the speculation.
Speaker 3:Look exactly and I think you've highlighted that well over the last few months that in your conversations with buyers and sellers, they, they really have been looking for, for some source of truth, which is hard to find in a market where there is so much uncertainty. And just before we wrap up, I guess an interesting snippet there. If you know we talk about the auction clearance rate has been increasing week on week for the last you know little period. Uh, still has been less than ideal, but it's interesting to note. If you look at that as an isolated data point or you know a snippet, it really does look like we're now in a bit of a rally and we are coming back as a property market, but it just to me highlights the importance of broadening your research and actually getting a true source of data, because it's not, you know, going from 43 to 53% to 53%, whatever it may be. Whilst that looks great, when you take it in the broader picture, it still showcases a pretty bleak auction market across Sydney, Particularly for.
Speaker 1:February Kieran if.
Speaker 1:I can highlight, and what I mean by that is that February is always a good month for the market, and the reason it's always a good month for the market is it's been starved of stock, as agents take well-deserved breaks in some cases and not so in others, but they take breaks over the summer, so there's no meaningful stock levels between the first week of December and Australia Day, and then you quickly roll into February from there and you've got buyers who want to buy and just get on with the rest of their lives and, you know, deal with the forthcoming year and get themselves out of the the house hunting market.
Speaker 1:So February is historically a really, really good month for the auction market in Sydney and Melbourne. So are we calling 53% to your point? Are we calling 53% to your point? Are we calling 53% a sort of a high watermark, if history is true here and that the February auction clearance rate outperforms the rest of the year, when you've got rate cuts coming, I think there will be another rate cut in 2025 that will support the market. But is one or two rate cuts going to be enough to turn this trend around?
Speaker 3:Look, we'll certainly find out and I'll certainly be waiting with bated breath for your prediction on when that rate cut is. Peter, I can give you that now.
Speaker 2:Please do.
Speaker 1:Okay, I think, if you, this is my view at the moment as it stands. I think the timing of when Anthony Albanese calls the election will be insightful as to when the next rate cut is coming. So my prediction is this there will be a rate cut in the next two meetings, which is the 1st of April or mid-May. Sometime in mid-May because they're on six-week cycles at the moment. If you see Anthony Albanese call an election date before the April 1 RBA meeting, I think it's April 1, excuse me if it's not, but anyway, if the election date is before the RBA's April meeting, there will be no rate cut in April. Makes sense. If the election is after the RBA's April meeting, there will be a rate cut in April.
Speaker 3:Not quite good logic. I think you know and again Albanese is shown form with this one that already the messaging out of Labor is look at us, we're the party that's cutting interest rates. So I wouldn't be surprised. I think a lot of people probably wouldn't expect it so early in the year and you may be a bit of an outlier there, but I certainly….
Speaker 1:Expect what the rate cut, the rate cut so early.
Speaker 3:Yeah, oh no, I think the election, you know, everyone knows it's coming now. But I would think that you know, if the rhetoric has been that February is not going to happen, I would have to tend to think they're not going to expect one in April or May. So quickly, either the public or yeah, well, you know the economists, the kind of the experts out there, oh, look, the RBA will be fed more data and they're data dependent.
Speaker 1:You know, warren Hogan from Judo wanted to work on the back of history and it was like we're not following history. We've told the market, we're market dependent and the data supported a rate cut in February and I think you'll find, for all of the reasons we have discussed tonight, the data's not going to turn around on a 0.25% interest rate cut. It's going to continue to deteriorate.
Speaker 3:Yeah, no, I think you're right and we'll certainly. We will discuss it in six to 12 weeks time, that's for sure. Peter, look, really great chat tonight, really really important topic. The RBA announcements are always a big one for us here on the podcast. As always, thanks for coming in and for a really great breakdown of what the messaging is and where we really head from here.
Speaker 1:Good on you. Thanks, Kieran.
Speaker 3:And thanks to everyone for listening to Current Market Insights. We look forward to speaking with you next time.
Speaker 2:Thanks for joining us on the Current Market Insights podcast brought to you by Harris Partners Real Estate, the podcast providing real estate insights you won't find anywhere else.
