Reserve Bank of Australia set to keep interest rates on hold

While neither a hike or cut have been ruled out, economists from the big four banks were forecasting the cash rate to stay at 4.35 per cent, where it has been for months.But there are signs the next move by the RBA will be to cut interest rates, offering hope to mortgage borrowers who have been hammered with 13 interest rate increases since early 2022.

Economists point to economic growth in Australia only crawling as giving the central bank room to make the next move downwards.And last week, the ANZ bank became the first of the big four to push back its prediction of an interest rate cut until next year, forecasting the RBA won't lower the cash rate until next February thanks to higher-than-expected inflation data in the last two months.

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