Millions of Australians are paying extra interest on their variable mortgages as the Reserve Bank of Australia maintains the cash rate at 4.35 per cent.
Around a third of Australian homes are owned with a mortgage, which for many people is their most significant financial asset, and home loan repayments are a major household expense. Tuesday’s decision by the Reserve Bank of Australia to maintain the target cash rate at 4.35 per cent marks 12 months since rates last changed.
The idea is that that gives a bit of read on really the fundamentals in the economy," he explained. “Whereas headline inflation can be linked to temporary measures, like electricity rebates from the government ." Another key indicator is the Consumer Price Index , which estimates the costs of goods and services. However, it does not take into account mortgage repayments.
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