On Tuesday the Reserve Bank of Australia kept the cash rate on hold at 1.5% for the 26th month in a row.
As I mentioned here, the economics team at Westpac Banking Corp (ASX: WBC) believe this run could extend to over 50 months. The banking giant has forecast rates remaining on hold until at least December 2020.
With that in mind, if I had $10,000 sitting in a bank account I would seriously consider putting it to work in the share market.
Three top shares that I would look at buying are listed below:
Aristocrat Leisure Limited (ASX: ALL)
This gaming technology company is one of my favourite growth shares on the local market right now. While Aristocrat Leisure does have an extremely strong core pokie machine business, the main attraction for me is its digital business that is growing at an explosive rate. This business has exceptionally strong recurring revenues and growth prospects that I believe will help drive above-average earnings growth for a number of years to come. So, with its shares currently changing hands at just 19x estimated FY 2019 earnings, I believe now could be a great time to consider picking up shares.
Macquarie Telecom Group Ltd (ASX: MAQ)
I’m a big fan of Macquarie Telecom due to its fast-growing Cloud Services business. This business has been thriving in recent years thanks to its tech expertise and the rising demand for colocation, cloud, and dedicated servers. In FY 2018 the success of its Cloud Services business helped the company achieve net profit after tax of $17 million, up 20% on the prior period. With management planning to expand its data centre capacity significantly over the coming years, I believe Macquarie Telecom is in a great position to continue its growth for the foreseeable future.
ResMed Inc. (ASX: RMD)
Another great place to consider investing that $10,000 would be the shares of this sleep treatment company. Due to the quality of the company and its products, I expect it to continue profiting greatly from a sleep treatment market that is tipped to grow strongly over the next few years. Furthermore, I think that management’s focus on the fast-growing cloud-connected medical device market will support the growth of its core business.
And for good measure, here's a fourth share to consider investing that $10,000 into.
Discover why this legendary Australian stock-picker just issued a “Double Down” buy alert to his exclusive group of insiders… and why he’s convinced this might be the single most attractive entry point for years to come.
Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has recommended ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.