Australians have narrowly avoided a new round of interest rate hikes after the Reserve Bank of Australia (RBA) decided to keep the official cash rate unchanged in July.
In its latest board meeting, the RBA announced that it would maintain the current official cash rate of 4.1 percent throughout July.
The central bank said the brief reprieve would provide it some time to assess the impact of the recent interest rate increases and the economic outlook.
“Interest rates have been increased by four percentage points since May last year. The higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so,” RBA Governor Philip Lowe said in a statement….