Respite for mortgage holders as RBA holds rates steady for second month

It is the first time since March-April last year that the RBA has left the cash rate unchanged at two consecutive meetings.

“In making its decisions, the board will continue to pay close attention to developments in the global economy, trends in household spending, and the outlook for inflation and the labour market.”Lowe said the board wanted more time to assess the impact of the 4 percentage points worth of interest rate rises since last May.

“There are also uncertainties regarding the lags in the operation of monetary policy and how firms’ pricing decisions and wages will respond to the slowing in the economy at a time when the labour market remains tight.”“Many households are experiencing a painful squeeze on their finances, while some are benefiting from rising housing prices, substantial savings buffers and higher interest income,” he said.

Chalmers said the government’s number one priority was doing what it could to take the edge off some of the cost-of-living pressures without adding to inflation.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Reserve Bank interest rates: Treasurer Jim Chalmers says mortgage holders ‘bracing’ for delayed effect of rate risesJim Chalmers says mortgage holders are “bracing” for the delayed effects of successive interest rate rises on their budgets; he says the fight against inflation is not yet over, despite price rises easing. Follow updates here.
Source: FinancialReview - 🏆 2. / 90 Read more »

Major bank’s double blow to borrowers days out from rates decisionOne of Australia’s biggest banks has increased its fixed rates for borrowers for the second time in just over a week. 7NEWS PM AlboMP thanks those involved in the search for the four Australian aviators missing at sea following an army helicopter crash, saying the incident was a stark reminder that there were “no safe or easy days for those who serve in our country’s name”.
Source: 7NewsSydney - 🏆 16. / 63 Read more »

Should you brace for more mortgage pain? Predictions ahead of RBA's rate callHere's what economists and the big banks expect from the Reserve Bank's call on interest rates today.
Source: SBSNews - 🏆 3. / 89 Read more »