At the first meeting of 2022, the Reserve Bank of Australia (RBA) has kept the official cash rate unchanged at the historic low of 0.10 per cent. Check out the statement on the Reserve Bank’s website.
The RBA previously said it wouldn’t raise the cash rate until 2023 or 2024 to give the economy time to recover from the pandemic. However, some bank economists predict that the rise in inflation may force a move sooner.
RBA Governor Philip Lowe said that while inflation had picked up, it was still low. He said the Board would not increase the cash rate until inflation was “sustainably within the 2 to 3 per cent target range”.
Despite the cash rate staying put there have been movements in interest rates. So, if you’ve had your mortgage for a while, now is the time to check it’s still competitive.
Talk to us and we’ll help you review your existing loan and compare the market for you. Get in touch today!