RBA leaves the cash rate on hold

Experts believe a rate hike is not far away, but for now mortgage holders have a little breathing space.

The Reserve Bank has this afternoon kept the official cash rate on hold at 1.5 per cent.

It’s been sitting at the record low figure since August, when it was reduced from 1.75 per cent (since May).

RBA Governor Philip Lowe said the decision was a result of a number of factors, including the state of the global economy, domestic housing market, a rise in commodity prices and slow GDP growth.

“Conditions in the housing market vary considerably around the country,” Mr Lowe said.

“Housing prices have been rising briskly in some markets, although there are some signs that these conditions are starting to ease.”

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent – https://t.co/1ycrNpHNH5

— RBA (@RBAInfo) July 4, 2017