RBA Cash Rate Announcement November 2024

Luck was on the side of homeowners this Melbourne Cup Day, with the Reserve Bank of Australia (RBA) keeping the cash rate on hold at 4.35 per cent at today’s meeting.

Read today’s official statement on the RBA’s website. The last RBA board meeting for the year will be on 9-10 December.

Homeowners hoping for the RBA to continue its run of cash rate holds before Christmas have had their wish granted, following promising inflation data results.

Australia’s inflation rate fell to a 3.5-year low in September. The latest figures from the Australian Bureau of Statistics showed the Consumer Price Index (CPI) rose 0.2% this quarter.

Annual CPI inflation was 2.8 per cent in the September quarter, significantly down from 3.8 per cent in the June quarter. This was largely due to a fall in prices for electricity (thanks to Energy Bill Relief Fund rebates) and automotive fuel.

Headline inflation continues to trend lower, but underlying inflation remains persistent, according to a recent statement from the RBA.

“Policy will need to be sufficiently restrictive until the Board is confident that inflation is moving sustainably towards the target range.”

February or April next year is looking like the earliest possibility of a cash rate cut.

To review your home loan and find out whether you could be getting a more competitive interest rate elsewhere, chat to us.

You may also be able to switch to a loan with interest-saving features that could help you get ahead faster.

To explore your options, get in touch today.

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