Home buyers have won another month’s reprieve from interest rate rises amid growing signs the economy is slowing in response to the Reserve Bank’s previous rapid increases.
In one of his final acts as Reserve Bank governor, Philip Lowe helmed Tuesday’s meeting where the board kept the official cash rate at 4.1 per cent for the third month in a row.Dominic Lorrimer
Recent economic figures show those rate rises are working. Monthly inflation fell to 4.9 per cent in July, down from a December peak of 8.4 per cent, according to the Australian Bureau of Statistics., particularly for non-essential items, while separate figures on business indicators showed company profits fell 13.1 per cent in the three months to the end of the financial year.
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