Reserve Bank Curbs Rate-Cut Hopes
A crucial economic update is expected in the coming weeks, which may determine the timing of further interest rate relief for mortgage holders.
The Reserve Bank has indicated it is in no rush to cut interest rates again, as it awaits more economic data to guide its next steps.
The central bank is concerned that inflation may be stronger than expected, driven by price growth in the services economy, including sectors such as healthcare, finance, and hospitality.
Upcoming inflation data for the September quarter, to be released at the end of October, will be crucial in understanding the future direction of Australia's economy, according to the bank's board.
The Reserve Bank is waiting for more economic data to guide its next steps.
Author's summary: Reserve Bank delays interest rate cut decision.