The Reserve Bank of Australia has left the cash rate on hold on Tuesday, hitting the pause button for just the second time since hikes began.
While economists were divided in their predictions, the RBA Board ultimately opted to leave it steady at 4.1 per cent in July, allowing homeowners to breathe a sigh of relief.
But Tuesday’s decision offers only a brief respite, with Governor Phillip Lowe indicating further rate rises are a live option over the coming months.
It comes as interest rates remain at their highest level in over a decade and households continue to play catch up on the last two increases.
The average Hunter borrower is still forking out an extra $1,700 a month on their mortgage compared to when hikes began.