Households can breathe a sigh of relief after the Reserve Bank board decided to hold interest rates steady at 4.1 per cent on Tuesday.
Reserve Bank governor Philip Lowe warned some further interest rate rises might be needed to get inflation under control.“Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon the data and the evolving assessment of risks,” he said.
“Services price inflation has been surprisingly persistent overseas and the same could occur in Australia,” Lowe said. Treasurer Jim Chalmers said the RBA’s decision to keep rates steady would be a big relief for Australians with mortgages.
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