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Devika Shivadekar, an economist at RSM Australia, highlighted that last month’s inflation data played a crucial role in steering towards a probable rate cut this July.
However, some economists remain unconvinced about a July rate cut and believe the RBA may wait until August instead.
“That would be in August.”
What a lower cash rate means for mortgages
“Although the impact of an RBA cut is relatively small compared to the 13 hikes—all except four were doubles—it provides much-needed relief. A third rate cut in four sessions further confirms that we’re descending the other side of the rate hike peak,” she noted.
“Only 10 per cent of eligible Commonwealth Bank customers opted to reduce their direct debits after the May rate cut, with the majority maintaining their repayment levels,” stated a representative.