The Reserve Bank gives mortgage borrowers a reprieve, at least temporarily, by leaving interest rates on hold at today's board meeting.
abc.net.au/news/interest-rates-on-hold-reserve-bank/102185138The Reserve Bank has given mortgage borrowers a reprieve, at least temporarily, by leaving interest rates on hold at today's board meeting.The cash rate target remains at 3.6 per centAfter 10 consecutive rate rises, the RBA opted to wait and see how the economic data plays out, amid early signs that the increase in rates so far is starting to weigh on consumer spending and lower inflation.
"The board expects that some further tightening of monetary policy may well be needed to ensure that inflation returns to target," he said in his post-meeting statement. Today's decision leaves the RBA's cash rate target at 3.6 per cent, which is still the highest level since May 2012.
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