In light of the latest inflation data, the national real estate firm called on the Reserve Bank of Australia (RBA) to “take its foot off the interest rate pedal”.
Executive chairman of Raine & Horne, Angus Raine, called on the central bank to consider taking a pause on hiking the cash rate during its monetary policy meeting today, 6 December.
Since May, the Reserve Bank has started its rate rise cycle to keep inflation under its 2 to 3 per cent target band. The rapid monetary policy tightening saw the cash rate rise from a record low of 0.1 per cent to 2.85 per cent, which resulted in mortgage holders getting hit with higher repayments.
“I urge the RBA to wait until next year and assess the impact of successive interest rate hikes since May on inflation and consumer confidence before taking further action on interest rates,” Mr Raine said.