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Homeowner reprieve with interest rates on hold, for now

Jul 4, 2023

In a welcome development for homeowners in the Hawkesbury region, the Reserve Bank of Australia (RBA) has announced that it will keep interest rates on hold at 4.1%, for now.

The decision comes as the RBA seeks to assess the state of the economy and its impact on inflation, leaving open the possibility of future rate hikes.

RBA Governor Philip Lowe emphasised the central bank’s commitment to returning inflation to its target range, stating, “The board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that.”

Dr. Lowe acknowledged the potential need for further tightening of monetary policy in order to ensure inflation returns to the desired level within a reasonable timeframe. This, however, will depend on how the economy and inflation evolve in the coming months. The governor expressed particular concern about the impact of high inflation expectations among the public, which could potentially exacerbate inflationary pressures.

To gauge the situation accurately, the RBA is closely monitoring the pricing behavior of businesses and the wage increases received by workers. Dr. Lowe emphasised the significance of observing both labor costs and the price-setting behavior of firms to make informed decisions regarding monetary policy.

 

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