Mortgage holders are likely to face a longer wait for interest rate relief after the latest inflation data came in above expectations. Some economists and big banks had predicted the Reserve Bank of Australia could start cutting rates in the next few months . Indeed, the Commonwealth Bank and Westpac had forecast a rate cut in September.
But the RBA has not ruled out further rate hikes and has continued to warn the economic outlook "remains uncertain" . Independent economist Chris Richardson said Wednesday's inflation data was "ugly" and "bad news" for those hoping for an interest rate cut. "Even late 2024 looking a bit hopeful," he wrote on X .
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