Mortgage holders can expect to avoid a pre-Christmas blow today, with the Reserve Bank of Australia expected to keep interest rates on hold.
The central bank’s board will meet at 2.30pm AEDT this afternoon to hand down its December decision on the cash rate, the final ruling for this year.
For the average Australian borrower with a $500,000 mortgage, last month’s rise means many will be forking out an additional $76 per month, and an extra $1210 since rates began rising in May 2022.
But market analysts and economists are expecting rates to be kept on hold today.
Inflation figures released last month showed the cost of living rose 4.9 per cent annually in October 2023, down from 5.6 per cent in September.
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It was well below the expected rate of 5.2 per cent that many analysts were predicting.
And data from the ANZ and employment website Indeed showed job advertisements had dipped 4.6 per cent in November.
Today’s RBA meeting will be the last single-day meeting for the board which, from February, will move to a two-day debate.
