Commbank has made a 'big move' regarding its prediction for when Australia will see an interest rate cut, with households appearing set to miss out on relief this year.
Australia's largest bank has dashed hopes for a rate cut this year, despite inflation falling further, with households now set to wait months for mortgage relief. Commbank has made a"big move" regarding its prediction for when Australia will see an interest rate cut, with households appearing set to miss out on relief this year.
Commbank had previously backed the Reserve Bank to cut interest rates at its December meeting, despite most analysts shifting their predictions to at least February as underlying inflation remained above the two to three per cent target band. Picture: NCA Newswire/Gaye Gerard "We look at a range of monthly private surveys that have prices gauges within them and they were suggesting to us that that rate of core inflation would moderate even more than what it actually did today and on that basis we thought the RBA could commence cutting the cash rate in December.
The concession brings Commbank in line with the views of other experts, who explained Wednesday's fall in prices was still unlikely to have been enough for the RBA to begin cutting rates. EY chief economist Cherelle Murphy also said households were unlikely to see rate cuts until"early next year".
CBA Gareth Aird Brendan Rynne RSM Australia Devika Shivadekar RBA ABS Inflation EY Cherelle Murphy Commbank Trimmed Mean Inflation Australian Bureau Of Statistics On Wednesday KPMG Interest Rates
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