Reserve Bank Curbs Rate-Cut Hopes
A crucial economic data release in the coming weeks will determine when mortgage holders can expect interest rate relief.
The Reserve Bank is in no rush to cut interest rates again, according to the minutes from its last meeting, 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 like healthcare, finance, and hospitality.
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, the bank's board stated.
The Reserve Bank waits for more economic data to guide its next steps.
Author's summary: Reserve Bank delays interest rate cut decision.