No change, no surprise

It wasn’t what borrowers had hoped for, but the Reserve Bank has opted to leave the official cash rate steady at 3.6 per cent, following last month’s cut.

A recent money.com.au survey found that 37 per cent of Aussie homeowners thought the RBA would deliver a cut at this week’s meeting, but Treasurer Jim Chalmers said the decision was in fact ‘the outcome that markets and economists were expecting’.

Chalmers suggested that the three interest rate cuts over the last six months are already doing their job, ‘providing very welcome relief to millions of Australians with a mortgage’, adding that for a household with a mortgage of $700,000, the rate cuts this year means they are saving about $330 a month - or about $4,000 a year.