The RBA left the cash rate on hold at 4.35% for a sixth meeting in a row, after the June quarter inflation figures largely met the bank’s forecasts
Australia’s borrowers have been spared an interest rate rise as the Reserve Bank waits for more proof of a sustained drop in inflation and clearer signs of the severity of the financial markets tailspin before deciding its next move.
The central bank on Tuesday left its cash rate unchanged at 4.35% for a sixth meeting in a row. The decision was widely expected by economists aftereven as the population swelled, with the 1.1% annual pace the slowest since the March quarter of 1991, excluding the Covid lockdown era. The RBA lifted interest rates 13 times over an 18-month period to November last year to ensure high inflation from pandemic government spending, supply disruptions and soaring energy prices after Russia’s invasion did not get entrenched. Those increases have taken their toll on many households, with monthly repayments rising by more than $250 for each $100,000 borrowed.
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