The new Reserve Bank of Australia’s governor, Michele Bullock, has decided to keep the cash rate steady, providing the much-awaited relief for the borrowers.
The decision was welcomed when it was expected that there would be another interest rate hike.
However, such relief is expected to be temporary, and many experts point out that it might surge before Christmas.
As of now, the cash rate is at 4.1% and is expected to surge to 4.35% or higher as the year comes to an end, as per a survey.
As per the survey, more than half of the economists anticipate the cash rate to surge to 4.35% or higher as the year comes to an end. Currently, the interest rate is 4.1%.
- Published By Team Australia News