Homeowners across Australia will be feeling a sigh of relief, as the RBA announces it has kept the interest rates on hold at 3.6% after today’s monthly meeting. Mortgage rates are to be put on hold for the first time since May last year, which is a major boost for homeowners.
After an historic 10 rises in a row, the cash rate will now stay at 3.6 per cent for at least another month.
Domain’s article states, it may not be the end of rate hikes, with RBA governor Philip Lowe indicating the cash rate target may need to be lifted again, depending on what the upcoming data on inflation, household spending and the labour market shows.
“The Board expects that some further tightening of monetary policy may well be needed to ensure that inflation returns to target,” he said in a statement.
He said the latest data indicated inflation had peaked and growth in the Australian economy had slowed, while recent banking system problems overseas had caused volatility in financial markets and were expected to lead to tighter financial conditions globally.
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