Reserve Bank Curbs Rate-Cut Hopes
A crucial economic data release in the coming weeks will determine when mortgage holders can expect more interest rate relief.
The Reserve Bank is in no rush to cut interest rates again, as it waits for more economic data to guide its next steps, according to the minutes from its last meeting.
The central bank is concerned that inflation may be stronger than expected, driven partly by price growth in the services economy, including sectors such as healthcare, finance, and hospitality.
Inflation data for the September quarter, to be released at the end of October, will be crucial to understanding the future direction of Australia's economy, the bank's board said.
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Author's summary: Reserve Bank delays interest rate cut decision.