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RBA Alert - cash rate at an all time low of 2.5%

The Reserve Bank has unsurprisingly decided to cut interest rates this month indicating increased concern over the prospects for the national economy. Rates have now fallen by 2.25 percent since the current easing cycle commenced in November 2011 and are now at a record low 2.5 percent.

Latest data supports the gloomy economic outlook with the jobless rate rising over June and building approvals down sharply over the month. The lower dollar and a recovering sharemarket are however a positive together with increased buyer activity in the housing market.

Housing markets continue the revival generally evident over the past year and fuelled by historically low interest rates. Solid to strong house price growth is now being recorded in most capital city markets as buyer activity and confidence continues to rise.

"The Reserve Bank has unsurprisingly decided to cut interest rates this month to offset the real prospect of sharply declining economic activity. The bias for interest rate settings will remain downwards in the near future with the level of unemployment the key to further rate cuts", says Dr Andrew Wilson Senior Economist for Australian Property Monitors.

"Home buyers and mortgage holders will welcome lower rates when passed on by the banks and this will add fuel to an already strong mid-winter performance by most capital city housing markets. Although home buyer activity thrives on low interest rates, the key to sustained growth in housing markets is a healthy economy and low unemployment".

INTEREST RATE ANNOUNCEMENT

The Reserve Bank surprised today by announcing a cut in the official interest rate by 0.25 percent to a new record low of 2.75 percent.

Today's announcement followed three months of rates on hold with the last cut of 0.25 percent in December last year.

Rates have now fallen by a full 2 percent since the beginning of the current easing cycle in November 2011.

Action by the Reserve Bank today indicates concerns by the Bank over the recent performance of the economy, particularly in regard to rising unemployment and declining national income.

Some sections of the Australian economy are clearly still in need of further stimulus with the Reserve Bank choosing to act while inflationary pressures remain benign.

Housing markets however have been a beneficiary of low interest rates this year with forward indicators such as auction clearance rates and housing loans clearly ahead of last year results.

"A further cut in interest rates, when and if passed on by the banks, will provide continued stimulus to strengthening housing markets through autumn and into winter", says Dr Andrew Wilson, Senior Economist for Australian Property Monitors.

"Lower interest rates and rising home buyer confidence are set to continue to generate house price growth although the performance of local economies remains the key as indicated by today's interest rate decision".

Reserve Bank Interest Rate Announcement

The Reserve Bank has delivered an early Christmas present and cut interest rates today by 0.25 per cent.

The official interest rate is now 3 per cent - as low as it fell during the Global Financial Crisis in 2009.

The cut comes after a recent batch of negative data about the domestic economy. The 25 basis point drop is the sixth Reserve Bank cut since November last year and will be a relief to home owners and business operators.
  
However, with things slowing down for the festive season, much of the impact may be delayed until early next year.

Rates have now dropped 1.75 per cent since the current cycle of easing began on last year's Melbourne Cup day.

Each 0.25 per cent drop in interest rates slices about $60 off the monthly interest cost of an average Australian mortgage.

The Reserve Bank board will now take a summer break and meet again in February.

INTEREST RATE CUT

The Reserve Bank has cut interest rates today by 0.25 per cent.

The official interest rate is now 3.25 per cent. Rates were last this low in October 2009.

The 25 basis point fall is the fifth rate cut the Reserve Bank has made since November last year.

Rates have now fallen 1.5 per cent since the current cycle of easing began.

The cut comes after recent revelations that the domestic economy is slowing and amidst renewed fears for the health of the global economy.

The Reserve Bank faced a mixed bag of data when it met today including cooled commodity prices and state and federal budget cuts on the horizon.

"Many economists had been predicting one or two rate cuts by the end of the year,"

"Everyone was expecting a move on Melbourne Cup day, citing the fact that the Reserve Bank has moved up or down on the last six Melbourne Cup days. The central bank opted instead to step in today to stimulate the economy."

When the Reserve Bank next meets it will have the benefit of the September quarter inflation data, which is due out on October 24.

Each 0.25 per cent drop in interest rates slices about $60 off the monthly interest cost of an average Australian mortgage.

DIY BASICS

There are some tasks that even the most unmotivated DIYer should feel embarrassed to pay hard-earned money for. A friend recently had a painter around to paint one door and a window frame. Another called in a handyman to put up pictures – at $80 an hour thanks.
Yet another replaced their lovely sweep of aged timber benchtops with brand new ones because they gave up finding someone to give the originals a sand and new lick of oil. It’s sad to realise there’s a whole graveyard of perfectly useable items out there, needlessly dumped, because someone didn’t have the time or wherewithal to make straightforward repairs.

Arm yourself with a basic tool kit and some simple know-how, and you’ll easily be able to tackle small jobs around the home – especially if you consult your obliging hardware store specialist about the specific hardware you’ll need for the job. Build up your knowledge and eventually you’ll fly solo. 
The sorts of projects the DIYers should be able to handle after they've had a bit of practice, built up some confidence and got some tips and advice include; sorting out drips and leaks, tackling gaps and draughts, some basic woodwork, painting and refinishing surfaces, renewing caulking and grout, hanging artwork and installing some basic kitchen and bathroom fittings.

Here are the basics for some of those jobs.

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Hanging pictures, mirrors, shelves, towel rails…

You’ll need an electric or cordless drill and spirit level for any of these jobs, then the principles are the same. Important considerations are:

• What you are attaching to (brick or stud wall).
• How heavy the object is you’re hanging.
• What fasteners you need to secure it (Dynabolts, plugs, screws, etc).
• What drill bit you need.
• How to get it level, plumb and/or centred.

Drilling

Putting holes in things is not something you should take lightly. Holes in plaster can be filled and hidden fairly well and but timber, tile and brick will show permanent scars of drilling mishaps.

• Get some practice drilling into different surfaces. Harder and faster is not always the right answer. Get a feel for the material you're working with.
• Make sure you're not drilling at strange angles, ensure that your drill is at the correct angle, usually perpendicular to what you're drilling into.
• Use a depth attachment on the drill if you must not go further than a set depth.
• Make sure you always use the correct drill, drill bits and settings on your drill. 
• Protect surrounding areas from accidents. For example, use tape when drilling tile to reduce the risk of the drill bit skittering off your hole location and damaging other tiles.
• Take care drilling timber. When the drill bit exits the underside of what you're working on you can cause damage. Drill from the good side to the back to avoid this problem.
• Pre-drilling takes time but it's better than splitting the timber you're working on.

Brick, cement, plaster and plasterboard
If you have a stud wall, you need to locate the studs (the timber framing the plasterboard sheets are attached to) so you have something solid to attach to. The easiest is to purchase an electronic stud finder, otherwise tap along the wall to work out what is hollow and what is solid.

Make sure you are well away from any electrical wiring then to confirm you’ve found a stud, tap a small nail into the wall and make sure it lodges firmly into something solid. You want the centre of the stud for maximum holding power.

Brick walls are more straightforward, you’ll need a masonry drill bit and probably plastic wall plugs and don't drill into mortar between the bricks.

Centred and secured
Work out the exact spot on the wall where you want to hang your piece de resistance. This is much easier as a two-person job – two sets of eyes and hands. A useful tip is to cut out a piece of cardboard the same size as the picture you’re hanging and have your mate move this around until you’re happy with the position.
If you need it centred, use a tape measure to find the middle point on the wall. Use a spirit level to ensure it’s level, then mark the wall with a light pencil where the top of the object lines up. Now work out where you need to drill the holes. The length of the hanging wire or hook on the back should guide you on this.

Heavy objects like a mirror will need to be secured at a couple of points and may need stronger fittings than a nail or screw in the wall. Shelving that is taking books will need sturdy brackets at regular intervals. A mirrored bathroom cabinet will need securing at points top, middle and bottom.
A light picture can probably be hung on one screw and possibly even in the hollow part of the wall if it’s as small as say a framed photo. Things like towel rails will need the holes carefully marked out where you need to attach them to the wall. It's a case of making sure you have them carefully matched up and marked out on the wall.
At least one perfectionist, a measuring tape and a spirit level should be enough to ensure whatever you’re hanging is centred, at the correct height, level and plumb.

Consult the experts
If you’re doing any of these jobs for the first time, talk to your hardware store about what you are hanging and what you are fixing it to, and they will be able to advise on appropriate fastener and drill bit. This is crucial, as every project has different requirements and it takes experience to learn what load bearing mechanism is suitable for what.

There are lots of options available, from a lightweight picture hook, to basic screws, to wall plugs and screws, to heavy-duty Dyna bolts. Do not guess which you need, or your pilot project could, quite literally, come crashing down around you.
Patching and sanding walls

 A professional looking paint job needs a solid foundation – and a lot of that comes down to how competently you deal with defects in plaster walls, like cracks and holes. A slapdash approach will render your painting efforts a waste of time.

Patching a missing chunk of plasterboard or gaping holes is a bigger job (you need to “plug” those first), so we’ll assume you’re dealing with common wear and tear – something smaller than a fist.
Materials and tools you need are:

• Filling compound
• Filling knife (in a couple of sizes)
• Stanley knife (optional)
• Medium and fine-grade sandpaper
• Sanding block

Your filling compound comes either pre-mixed (more expensive) or as a fine white powder you mix with water to toothpaste consistency. Take your pick.

The right tools for the job. Most tools have specific uses, if you don't want to buy the right tool, rent or borrow it. Using an orbital sander on floorboards, as the chap is above, is a very, very bad idea.

First clean out all loose particles from the hole and ensure you start with a dust-free surface. Use a sponge to clean area. If it’s cracked plasterboard you’re repairing, use a Stanley knife to neatly trim the surface edges, making a v-shaped groove.
Using an appropriately sized filling knife, fill the hole with compound, pushing it well into the gap. If the hole is deep, you may need to apply a couple of layers to fill, allowing each to set before applying the next. You’re better to slightly overfill the hole than underfill it, as you can sand it back. Don't go overboard though, the thicker the compound the longer it will take to dry.
When the filler is dry, give it a really meticulous sand, finishing with the finest grade, so you have a smooth surface that is completely flush with the rest of the wall.

Patching woodwork uses similar principles, only you’ll use wood putty.
Grout and caulking
A great way to freshen up a kitchen or bathroom and prevent water damage, is to renew grout and caulking. As these products age they can get mouldy, discolour, deform, peel and crumble, this doesn't look great and will allow water and other substances to creep into crevices, cause damage and attract pests.
Carefully scrape damaged products out, clean the surfaces and apply new material according to the manufacturer's instructions.
The same applies for loose tiles. Remove the damaged grout and tile, clean and prepare the surfaces, glue the tile and re-grout.
Maintaining timber
Timber can be found around most homes and depending on where it is, will most likely need some sort of maintenance eventually.
Structures outside need the most care as they are exposed to the elements and can be more susceptible to pest damage. Be careful sanding and drilling treated timber, it can produce toxic sawdust. Scraps of this material should never be burned, again, because of the chemicals used to treat it.
Decks and outdoor furniture will generally need to be sanded (or prepared in some other way) and treated in some way at regular intervals. Decks usually require annual work.
The time between these jobs will depend on the materials used and the finish you're after. Some finishes and types of timber require less maintenance than others. Hardwood doesn't soak up products applied to them so they wear faster than the same product on a softwood.
Always check how the timber has been treated previously, you may be restricted in what you can apply over the top of existing products.
Always sand with the grain of the timber otherwise you will be putting gouges into it not, smoothing it out. Random orbital sanders are an exception to this rule, follow manufacturer's instructions.
Start with coarse sandpaper and work your way down to the finest one required to get the finish you want.
The type of timber and its current condition will determine what sort of sandpaper you start with.
Sanding blocks will help you sand evenly and make the job easier on the hands. Solid blocks are best for flat surfaces, spongy blocks allow sandpaper to be shaped around curved surfaces.
Sand evenly over surfaces, it's easy to get carried away in one spot and leave an uneven surface. Use long, light, even strokes for an even finish.
Throw away the sandpaper once it's clogged (and won't unclog) or worn smooth. Keep the surface fairly clean, loose grit will create scratches.
Be careful with carved or moulded finishes, don't sand down decorative details. Sandpaper can be folded and curved to get into some tricky corners, there are also tools on the market to help out with fiddly sanding jobs. Steel wool is recommended for some delicate jobs.
If you need to remove thick layers of paint, a chemical paint stripper may be an option. Be very careful using these chemicals and also be aware that the paint you're removing could contain lead and other harmful chemicals.
Certain timber finishes need to be approached with extreme caution, these include veneers, exotic grains, fine patinas and finishes like French polish. Don't sand away the bumps, bruising and colour in antique furniture or you will lose the character (and value) of the piece. Always consult an expert if in doubt.
Power tools can make jobs quick and easy. They also have the potential to cause a lot of damage if misused.
Sanding timber floors is a huge job and should never be attempted without some prior timber DIY experience. Damaging timber floors is not hard, fixing that damage can be very difficult.
Finishes for internal use include polyurethane, wax, oils and stains.
Safety equipment is essential, especially where you have dust and chemical fumes. Use the appropriate dust mask or respirator equipment as well as the other safety essentials like hearing and eye protection.