The Reserve Bank of Australia (RBA) has announced a hold on the cash rate of 4.35% at today’s meeting.
The decision to keep the cash rate unchanged was widely expected at this meeting. Policymakers are likely taking into account the Consumer Price Index (CPI) sitting at 2.8%, which is within the target range. However, they are also observing the effects of recent government rebates on power bills and a reduction in the cost of fuel, both of which have influenced this figure downwards.
Forecasts from major banks and economists are predicting that a change to the cash rate is not likely until the new year, with most expecting this could stretch to May 2025.
Today’s decision underscores the importance of staying informed about economic developments and their potential impact on your finances.
Whether you’re considering buying a new home, refinancing your mortgage to secure better terms or exploring property investment opportunities, now could be a good time to review your financial strategy.
