It marks the first time the interest rate has remained unchanged in consecutive months since rates were hiked from the pandemic-low of 0.1 per cent last May.Governor of the Reserve Bank of Australia Philip Lowe said the board’s decision to pause the cash rate hikes was due to “uncertainty surrounding the economic outlook”.“The higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so.
“This will provide further time to assess the impact of the increase in interest rates to date and the economic outlook.”“The central forecast is for CPI inflation to continue to decline, to be around 3.25 per cent by the end of 2024 and to be back within the 2–3 per cent target range in late 2025,” he said.
“The total savings buffer across households is now on the decline as many families eat into their cash supplies to combat the double whammy of rising rates and cost of living pressures,” she said.
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