Millions await RBA's rates call today
Central Bank Set To Announce Interest Rate Choice Today
There is disagreement among experts regarding whether the board will choose to increase rates by an additional 0.25 per cent.
The most recent inflation figures have come in below expectations, declining to a six percent increase during the June quarter.
The inflation rate on an annual basis is near the desired goal of the Reserve Bank of Australia, which falls between two and three percent. This potential scenario might lead to a choice of maintaining interest rates at their current levels.
Nevertheless, the employment industry continues to thrive, which may result in another upsurge.
In July, the former governor Philip Lowe suggested that the bank would need to implement additional interest rate hikes in order to control rising inflation.
Lowe expressed that there might be a need for additional measures to control the flow of money in order to bring inflation back to the desired level within a reasonable period. However, this would heavily rely on the progress of both the economy and inflation itself.
At present, the interest rate stands at 4.1 percent following the bank's decision to maintain it during July.
For a loan worth $500,000, individuals paying off their mortgage are shelling out about $1217 extra per month compared to May of the previous year.
Unveiled: The ultimate list of 20 Australian neighborhoods that lack desired properties for sale.
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