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In the lead up to Christmas 2023, the RBA has given millions of households some relief by keeping interest rates on hold.
The new RBA governor Michele Bullock, has rested on softer than expected inflation figures in October to hit the pause button. As millions of Australians await the next RBA meeting in Feburary 2024, there is hope more current inflationary data will support the continued pause of interest rates and the popular opinion that we are at or near the top of the cycle.
Since May 2022, interest rates have rises 4.25%, which on a typical mortgage of $500,000 with 25 years remaining causing an additional $1,200 in monthly repayments.
Some of the commentators from Australia’s largest lenders are speculating the next move from the RBA will be a reduction in the cash rate. Welcome relief for the many Australian families facing strong headwinds from interest rates and inflation.
Full article available from ABC News website.