Reserve Bank Governor Michele Bullock has chosen to maintain interest rates in December, preventing borrowers from facing a sixth interest rate hike in 2023. The RBA Board decided to keep the official cash rate steady at 4.35%, highlighting various data indicating that inflation continues to show signs of moderation across Australia.
Acknowledging the ongoing impact of recent rate increases, including the adjustment in the previous month, the Board opted for stability during this assessment period. This decision aims to gauge the ripple effects of these adjustments within the economy.
This announcement is poised to bring relief to numerous households, particularly considering that, on average, households have experienced an additional $24,000 in interest payments due to the thirteen interest rate hikes since May 2022.
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