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RBA Leaves Cash Rate On Hold

The Reserve Bank has decided to keep the official cash rate steady at 4.10% providing a respite to mortgage holders from increasing interest rates.

Interest rates have risen by four percentage points since May last year in an effort to create more balance between supply and demand in the economy. This hold on the cash rate will allow the RBA to evaluate the effects of interest rate rises so far.

Economists had been divided in their forecasts, with about half predicting the pause and the others expecting another 25 basis point increase.

The RBA governor, Philip Lowe, said the bank needed time to assess the impact of four percentage points of rate hikes before it acted again.

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