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RBA December interest rates decision: Reserve Bank of Australia makes major interest rates decision

RBA December interest rates decision: Reserve Bank of Australia makes major interest rates decision

The Reserve Bank of Australia has decided to hold interest rates steady this month, giving mortgage holders much needed relief just weeks out from Christmas.

The RBA board met on Tuesday and chose to hold the cash rate steady at 4.35 per cent.

WATCH THE VIDEO ABOVE: Reserve Bank gifts Australians some Christmas relief with official cash rate on hold

Watch the latest news and stream for free on 7plus >>

RBA Governor, Michele Bullock said the decision reflected that the “monthly CPI indicator for October suggested that inflation is continuing to moderate, driven by the goods sector”.

“Higher interest rates are working to establish a more sustainable balance between aggregate supply and demand in the economy. The impact of the more recent rate rises, including last month’s, will continue to flow through the economy,” she said.

“Returning inflation to target within a reasonable timeframe remains the board’s priority.

“High inflation makes life difficult for everyone and damages the functioning of the economy. It erodes the value of savings, hurts household budgets, makes it harder for businesses to plan and invest, and worsens income inequality,” Bullock added.

However, Bullock warned there were “still significant uncertainties around the outlook”.

“Whether further tightening of monetary policy is required to ensure that inflation returns to target in a reasonable timeframe will depend upon the data and the evolving assessment of risks,” she said.

Treasurer Jim Chalmers said the board’s decision was “welcome news for people who are already stretched enough”.

“The last thing that people needed at Christmas time was another rate rise and so I think this decision today from the Reserve Bank will be met with sighs of relief right around Australia,” he told reporters on Tuesday.

Chalmers added they were making “welcome progress” in the fight against inflation.

“We are not getting carried away, because we know that people are still under pressure, we know that people are still doing it tough,” he said.

“But if you look at the recent data and you look at the recent commentary, it is very clear now that we are making welcome and encouraging progress in this fight against inflation.”

The bank was widely tipped to keep interest rates on hold ahead of the meeting, after a surprisingly weak monthly inflation read.

Headline inflation grew 4.9 per cent in October, down from 5.6 per cent in September.

Australia’s big four banks were among those tipping no change.

Finance Minister Katy Gallagher said the interest rate rises had been “really biting” for mortgage holders, but tempered expectations of further relief in the mid-year budget update later this month.

“We are very mindful of our responsibility not to add to the inflation challenge that exists, we’re seeing good progress in terms of inflation moderating,” she told the ABC.

“The challenge at the moment is to fight inflation, because we don’t want to see mortgage holders go through more pain, and we know that they are, and we’re seeing those signs across the economy.”

The 13 interest rate hikes in the cycle have been pushing up monthly repayments for mortgage holders, stretching many household budgets thin.

-With AAP

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