In yesterday’s announcement, the RBA Board decided to increase the Cash Rate target by 25 basis points to 4.10%. Inflation in Australia is still too high, and it will be some time before it is back in the target range.
What does this mean for business owners??? This cash rate increase will impact commercial lending. Lenders’ wholesale rates will increase. However, the speed at which lenders will pass on this increase to their customers will vary from lender to lender.
Changes to the superannuation levy, timing on when superannuation must be paid, reductions in instant tax right offs and increases to the minimum wages will place further pressure on businesses.
Now is a good time for you to contact Pfitz Financial, so we can work with you to ensure your business is well-placed to handle these changes, positioning you with the right lenders for all your commercial finance needs into the new financial year.
Pfitz Financial can also advise your staff on the right lender for their personal needs & objectives. E.g. residential and investment mortgages & car loans etc.
Contact us today to arrange a free initial consultation to discuss your needs.