Although the Reserve Bank of Australia's latest minutes revealed that the next rate change will be a move higher, there is still no indication that a hike is imminent.
Judging by inflation levels and the lack of wage growth in Australia, I suspect that rates will stay on hold well into 2019.
Which could make it well worth skipping savings accounts and putting your money to work in the share market.
If I had $20,000 sitting in a savings account I would consider investing it in these three ASX shares:
Blackmores Limited (ASX: BKL)
I think it is fair to say that Blackmores' half-year result in February was hugely disappointing. But since then the health supplements company's shares have sunk approximately 22% lower and to a level that I think is attractive again. This could make it an opportune time to buy its shares, especially given the strong demand for its Australian made products in the lucrative and growing Asian market.
Webjet Limited (ASX: WEB)
I think this online travel agent is one of the best options on the local share market right now. Thanks to the ongoing shift to online travel booking and a global tourism boom, I expect Webjet to continue its strong profit growth for many years to come. In February the company outperformed expectations when it delivered an impressive 45% increase in half-year net profit after tax before acquisition amortisation from continuing operations. Based on this result and its positive outlook, I think Webjet's shares are great value at 26x estimated forward earnings.
Xero Limited (ASX: XRO)
This New Zealand-based accounting software provider is one of my favourite tech shares listed on the Australian share market. Although its shares have just reached a multi-year high this week, I don't believe for a second that it is too late to snap them up. Thanks to the quality of its product and its growing share of key markets, I believe Xero is capable of delivering above-average sales growth for the foreseeable future.
