FARMERS and home owners will welcome the latest decision by the Reserve Bank of Australia to hold interest rates.
That is according to Real Estate Institute of WA (REIWA) rural spokesman Mark Murray.
He said the RBA decision to keep rates on hold at 4.1 per cent for the third consecutive month would keep things steady for farmers.
"Some strength is required to bolster farm businesses this year with lower livestock prices and a mixed harvest season likely from Geraldton right through to Esperance," Mr Murray said.
"The RBA decision takes the pressure off in a sector that needs a bit of stability right now."
Mr Murray said mixed farmers and graziers were grappling with the heat going out of the lamb market in a big way.
"Prices are plummeting as the abattoirs can't get workers, so they are not buying and competition is greatly reduced," he said.
"And croppers right across the agricultural region - from Northampton down to east of Esperance - are having a very mixed bag of a season, with some doing really well and others not receiving much needed rain during the winter months."
A third straight month of steady interest rates also gives homeowners some much-needed stability over their repayments and a better idea of how they can manage their household budgets as they contend with rising living costs, according to NAB home ownership executive Andy Kerr.
"Customers with fixed rate home loans due to finish up soon also have greater sense of certainty as they roll off onto more solid ground," Mr Kerr said.
"They have used the past three months to catch their breath.
"But they've also continued to make considered changes to their spending through this steadier rate environment.
"More customers are now taking the opportunity of three rate pauses to look at how they can manage their finances to contend with rising living costs, set savings goals or begin to rebuild a financial buffer."
Mr Kerr said while interest rates were on hold this month, the cost of petrol, groceries and energy bills is still going up.
He said this week's RBA decision was welcome news for about a third of Australians with a mortgage.
"But we know rising living costs are still a cause of concern for many more and there'll be some people who are worried about their financial situation," he said.
"Anyone in that position should get in touch with their bank."
