The first RBA meeting led by Michele Bullock has delivered another month of interest rate relief for Australian borrowers.
Source: AAP / Mick TsikasThe RBA made 12 rate hikes across 13 monthly meetings between May 2022 and June 2023 to try to tackle inflation.The Reserve Bank of Australia has kept the official cash rate at 4.1 per cent at its first meeting under the leadership of new governor"The higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so," Bullock said in a statement after Tuesday's monthly meeting.
"In light of this and the uncertainty surrounding the economic outlook, the Board again decided to hold interest rates steady this month. "This will provide further time to assess the impact of the increase in interest rates to date and the economic outlook." Bullock took over from previous governor Philip Lowe in September, after he announced in July that he was stepping down from the role.A final hike before the end of the year remains on the table, after a worrying set of inflation numbers in the monthly consumer price index.The RBA board has opted to keep monitoring the situation and wait patiently for the full set of quarterly inflation numbers due later in the month.Twelve separate rate hikes were made from a historic low of 0.
More than 30 per cent of mortgage holders, or 1.57 million, fell into this at-risk category over the three months to August.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
There’s ‘good reason’ for the RBA to ‘hold fire’ on interest ratesThe Switzer Report founder Peter Switzer says there’s good reason for the Reserve Bank to “hold fire” on interest rates and watch data over the next two to three months. The Reserve Bank board will meet on Tuesday to decide on whether to raise interest rates or not. It’s the first meeting with Michele Bullock as the new Reserve Bank Governor. The RBA is expected to hold interest rates at 4.1 per cent for the fourth consecutive month in October. “There’s no reason for them to go now and probably for the next couple of months,” Mr Switzer told Sky News Australia.
Read more »
RBA keeps interest rates on hold as experts warn peak is yet to comeThe Reserve Bank of Australia (RBA) has kept the nation&x27;s interest rates on hold, but experts have warned borrowers not to breathe a sigh of relief yet.
Read more »
Oil spike the first test for new RBA governorShares are set to start the quarter lower as investors brace for any changes in the RBA’s first policy statement under new governor Michele Bullock.
Read more »
New RBA governor has ‘pretty tough decisions’ to make with her first meeting soonThe Australian’s Associate Editor Graham Lloyd says the new RBA governor has a few “pretty tough decisions” to make soon regarding rate rises. RBA Governor Michele Bullock will hold her first meeting on Tuesday to make a decision on rates. “They were back up a little bit again, the really bad news is overseas where bond markets are rising, they’re signalling more interest rate rises in the US which has led to speculation about – look there’s going to be a profound impact on markets generally,” he told Sky News Australia. “The new governor sits down and has some pretty tough decisions to make going for. “It’s unlikely there’ll be a rise this week but it’s not going to be smooth sailing.”
Read more »
House values almost back to peak, adding to RBA’s inflation fearsHouse values have climbed for eight consecutive months and almost returned to their COVID-era peak, creating another headache for new Reserve Bank boss Michele Bullock.
Read more »
House values almost back to peak, adding to RBA’s inflation fearsHouse values have climbed for eight consecutive months and almost returned to their COVID-era peak, creating another headache for new Reserve Bank boss Michele Bullock.
Read more »