The Reserve Bank has delivered more welcome news for borrowers, keeping interest rates on hold at a record low 1.5 per cent.
Interest rates haven’t moved for two years now, with the last movement being a cut in August 2016.
The RBA noted that while the outlook for the jobs market was positive, wages growth is still low and that’s likely to continue for some time.
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Australia’s low inflation rate was also behind the decision although the RBA is predicting CPI to be higher in 2019 and 2020.
The good news is expected to continue for borrowers with rates expected to remain low for some time.
Experts predict rates to remain unchanged for the rest of this year and well into 2019.
Financial markets are not expecting an increase until at least January 2020.