Reserve Bank Curbs Rate-Cut Hopes
A crucial economic update is expected in the coming weeks, which will determine when mortgage holders can expect more interest rate relief.
According to the minutes from its last meeting, the Reserve Bank is in no rush to cut interest rates again, as it waits for more economic data to guide its next steps.
The central bank is concerned that inflation may be stronger than expected, driven partly by price growth in the services economy, including sectors such as healthcare, finance, and hospitality.
The inflation data for the September quarter, to be released at the end of October, will be crucial in understanding the future direction of Australia's economy, according to the bank's board.
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Author's summary: Reserve Bank delays interest rate cut decision.