What a week it has been for the world at large. Australia reported a drop in $63bn worth of shares since the request by the US government for a $700bn bailout for all its troubled entities has been rejected.

Analysts have expected the RBA to cut rate by 50 basis points as soon as next Tuesday. However Treasurer Wayne Swan has warned homeowners that banks may not follow suit following a global credit crunch and increased borrowing costs. The bank of England is also tipped to cut rate the current 5% when it meets next week.

How the rate cut is going to impact the Australian economy remains to be seen. Whilst the tight financial market, share market losses and low housing affordability were spurning a downturn in the Australian housing market, the fundamentals remain strong with population growth in capital city like Melbourne experiencing unprecedented levels of population explosion. In the year to August, building approvals fell 8.6%, which was the biggest annual decline since May 2006, one can expect the rental market to remain strong.

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