Australia’s central bank has decided to hold the official cash rate this afternoon.
As expected, the figure has stuck at 4.35% for a 7th consecutive Reserve Bank meeting, with the board remaining steadfast in its campaign to get inflation down into the target band of two to three per cent.
Today’s decision may come as a disappointment for some mortgage-holders who had been holding out hopes for a rate cut, but the most optimistic of the Big Four Banks aren’t predicting one will eventuate until December at the earliest.
Many local borrowers, have seen their monthly mortgage repayments double since the hiking cycle started over two years ago.
The decision comes hot on the heels of the US Federal Reserve handing Americans their first cut in four years.
Image: Clipping from Reserve Bank of Australia’s Live Media conference.