The drought has been broken at last! For the first time since 2020, the Reserve Bank has announced a decrease to the official cash rate, news that is welcomed by millions of Australian mortgage holders right across the country.
After their highly anticipated meeting, the RBA announced they have cut the official cash rate from 4.35 per cent to 4.1 per cent. In a statement released today, the RBA said that inflation has fallen more quickly than expected in the December quarter, with underlying inflation sitting at 3.2 per cent.
The RBA’s narrative remains cautionary however, as they are sticking to the line that returning inflation to its target of between 2-3 per cent is their priority, adding that they remain cautious about easing the cash rate further.
The RBA’s next meeting is scheduled for the 1st April, 2025.
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