The Reserve Bank leaves interest rates on hold for the second month in a row, raising questions about whether it may be finished hiking borrowing costs.
abc.net.au/news/rba-leaves-interest-rates-on-hold-august-2023/102674010The Reserve Bank has left interest rates on hold for consecutive months for the first time since it started raising them in May last year.The central bank expects inflation to fall back below 3 per cent by late 2025
When she does, she estimates her repayments will jump by around $1,000 a month, from 40 to nearly 60 per cent of her take home pay. The cash rate has jumped from an historic low of 0.1 per cent since the RBA started hiking 15 months ago — the steepest increase to borrowing costs on record. Ms Starr, a single mother who also helps care for her elderly mother, said the cuts she has made and plans to make will not be enough to cover the extra repayments."I guess we'll just have to buy a lot less food, we won't go out. I'm thinking about getting rid of my health insurance. Or to cut down on things like Netflix and Stan that mounted up during COVID.
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