Breaking: The Reserve Bank has given mortgage holders a reprieve from interest rate rises, holding the official cash rate steady.
The Reserve Bank has given mortgage holders a reprieve from interest rate rises, holding the official cash rate steady at 4.1 per cent at its Tuesday meeting.
Finance Minister Katy Gallagher said the pause would provide many households with much-needed relief. “The truth of the matter is, this government needs to fight inflation as its first, second, and third priority,” he said.in the year to May, down from 6.8 per cent the month before and well below December’s peak, but core inflation remains above 6 per cent.
“While housing prices are rising again and some households have substantial savings buffers, others are experiencing a painful squeeze on their finances,” Lowe said. Separate research from Roy Morgan showed mortgage stress was at its highest level in 15 years, with an estimated 28.8 per cent of mortgage holders at risk of mortgage stress in the three months to May.
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