Interest rates remain unchanged this month
The Reserve Bank of Australia has decided to leave interest rates on hold for a fourth consecutive month with the cash rate unchanged at 4.10%. The RBA decided to hold interest rates steady to provide further time to assess the impacts of the previous increases likely based on positive data on inflation and unemployment. The RBA stated the higher interest rates are working towards improving the balance between supply and demand within the economy. The board's main priority is to return inflation to the target of 2-3% within a reasonable timeframe. The recent rate holds have provided some relief to borrowers and given time for inflation to continue to ease. The RBA's latest decision to hold the interest rates steady is expected to provide further momentum for the property market with increased certainty around borrowing costs.