The Reserve Bank of Australia (RBA) has decided not to raise interest rates at this time despite growing concerns about the cost of living for Australians. The central bank's top economic minds met today and concluded that they would need inflation above two percent before considering an increase from its current level which was set in November 2020 when it dipped below 1%.
Phillip Lowe from the RBA said that despite headline inflation sitting at 3.5%, they will remain patient in creating a move that would put households at increased mortgage stress.
Despite no change in this month's meeting, many – including Australia's biggest banks – have speculated that the RBA will hike up interest rates from as early as June 2022.
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