Mortgage holders are closely watching the Reserve Bank today as it considers a potential 13th interest rate rise in just 15 months.
The majority of the big banks are expecting a further 0.25 per cent to be added to the cash rate.
However, experts are split, with mixed economic news including a weakening economy clouding predictions.
The cash rate was lifted to 4.1 per cent in June.
For the average Australian mortgage, that rate hike represented an additional $1264 in mortgage repayments since the cash rate was 0.1 per cent in April 2022.
“Inflation in Australia has passed its peak, but at 7 per cent is still too high and it will be some time yet before it is back in the target range,” RBA governor Philip Lowe said at the time.
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The RBA is aiming to reduce inflation to two to three per cent.
And half said they were unable to make any more spending cuts in their day-to-day life.
RBA deputy governor Michelle Bullock had previously said unemployment would need to rise in order to curb inflation.
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