The final rates decision under outgoing RBA governor Philip Lowe was widely expected
has extended its interest rates pause for a third consecutive month as it assesses whether the sharpest increase in borrowing costs in three decades has done enough to slay inflation.
Australia’s inflation rate, though, remains higher than in many similarly rich nations and also far outside the RBA’s preferred target band of 2%-3% that it expects won’t be reached until 2025. Still, economists are increasingly convinced the RBA has done enough, with the next rates move by incoming governor Michele Bullock likely to be a cut but perhaps not until well into 2024. Australia’s relative reliance on variable interest rate loans means increases or cuts have a more immediate impact than elsewhere.
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