The Reserve Bank leaves interest rates unchanged in a major victory for millions of homeowners in one of Philip Lowe’s last acts as governor

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The Reserve Bank leaves interest rates unchanged in a major victory for millions of homeowners in one of Philip Lowe’s last acts as governor

The Reserve Bank leaves interest rates unchanged in a major victory for millions of homeowners in one of Philip Lowe’s last acts as governor

By Stephen Johnson, business reporter for Daily Mail Australia

Update: 12:40 a.m. EDT, September 5, 2023

The Reserve Bank left interest rates unchanged at 4.1 percent, their highest level in 11 years, for the third straight month.

Philip Lowe, chairing his final meeting as RBA governor, left the key rate unchanged on Tuesday, bringing relief to millions of home borrowers struggling with a cost of living crisis.

“Inflation in Australia is past its peak,” he said.

Dr Lowe, whose seven-year term ends on September 17, has presided over the most aggressive pace of monetary policy tightening since 1989, with 12 interest rate hikes since May 2022.

The Reserve Bank left interest rates unchanged at 4.1 percent, their highest level in 11 years, for the third consecutive month. Philip Lowe (left with MP Michele Bullock), chairing his final meeting as RBA Governor, left the money rate unchanged

In his latest monthly statement, he defended his legacy.

“Rising interest rates are helping to establish a more sustainable balance between supply and demand in the economy and will continue to do so,” he said.

“In light of this and the uncertainty surrounding the economic outlook, the Board of Directors has again decided to keep interest rates stable this month. »

In just over a year, Australian mortgage borrowers have seen their monthly repayments increase by 63 per cent.

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