RBA Cash Rate Announcement July 2023

It’s the news that homeowners had been hoping for. The Reserve Bank of Australia has left the cash rate on hold this month at 4.10 per cent.

Read today’s official statement on the RBA’s website.

Today’s decision comes as a surprise to some, as the RBA had hinted that more cash rate hikes could be looming to bring inflation within the target of 2-3 per cent.

“Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon how the economy and inflation evolve,” RBA governor Philip Lowe said in a recent statement.

“The Board will continue to pay close attention to developments in the global economy, trends in household spending, and the outlook for inflation and the labour market.”

Even though today’s decision may be a relief, it’s important to keep reviewing your mortgage to ensure your home loan is competitive and still meets your needs.

Refinancing could potentially help you find a more competitive home loan rate, benefit from interest-saving tools like redraw facilities and offset accounts, or consolidate your debt.

To talk through your options, get in touch today.

Need help understanding what this announcement means for you? Contact us today!