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Term Deposit Review – June 2018

Last month saw the highly anticipated summit between North Korean dictator Kim-Jong Un and President Trump come to fruition in Singapore, as the looming US-China “trade war” looks set to take place with tariffs placed on $50 billion of Chinese and American imports coming into effect from July 5th.

In the domestic market the Royal Commission has continued on and has now relocated to other states, venturing into alleged mistreatment of farmers and the examination of rural banks. New building approvals were down 3.2% in May well below consensus, as a result of a large decrease in approvals for houses. Meanwhile, in July’s meeting the RBA has kept the official cash rate unchanged again at 1.50% citing a cooling housing market, high-household debt, low inflation and stubbornly stagnant wage growth.

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