Blow for Borrowers as Reserve Bank Curbs Rate-Cut Hopes
Crucial economic data in coming weeks could determine when mortgage holders can expect more interest rate relief.
The Reserve Bank is in no rush to cut interest rates again, as it waits for more economic data to guide its next steps.
The central bank is worried inflation may be stronger than expected, driven partly by price growth in the services economy, which includes sectors such as healthcare, finance and hospitality.
Inflation data for the September quarter, to be released at the end of October, will be crucial to understanding the future direction of Australia's economy.
The bank's board said it needs more data to guide its next steps.
Author's summary: Reserve Bank delays interest rate cut decision.
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