Good news for mortgage holders, with the Reserve Bank of Australia choosing to keep the official cash rate unchanged at 1.5 per cent.
The RBA’s decision, announced after their April board meeting earlier today, means our official interest rate has been at a record low for 20 months.
High household debt and weak consumer spending are the key reasons the rate remains unchanged.
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There hasn’t been an official cash rate increase since November 2010.
The Australian dollar has barely moved following the widely expected decision, only dropping a cent compared to the US dollar since the announcement.