Hunter homeowners awaiting interest rate relief in the lead up to Christmas have been left disappointed this afternoon following the Reserve Bank’s final meeting of the year.
The RBA board opted to keep the official cash rate steady at 4.35% for a 13th straight month.
The decision was widely expected by economists despite headline inflation remaining steady at its lowest annual level in over three years as the underlying trimmed mean figure actually increased in October.
Three of the big four banks are now predicting the first cut won’t eventuate until May 2025.
It can’t come soon enough for local borrowers, many of whom have seen their monthly mortgage repayments double since the hiking cycle started.
Image: Michele Bullock │Clipping from Reserve Bank of Australia’s Live Media conference.