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Interest Rates Recap April 2024

The world has been reeling under the effects of high inflation and resulting interest rate hikes. Australia alone has suffered 13 interest rate increases in the past two years. While this higher interest rate has a positive effect on savings, homeowners struggling to pay their mortgages desperately wait for a rate cut. 

Although the Reserve Bank of Australia (RBA) maintained the cash rate at 4.35% for several months, Australians have expected an imminent rate cut. Did the RBA make any decisions in April to meet these expectations? Find out in our April 2024 RBA interest rate recap for Australia.

Key Points

Market Overview

The cash rate has been held at 4.35% for months and was maintained in the last meeting on the issue in March. Meanwhile, mortgage holders struggle to make their payments while they wait for news about a rate cut. 

But the Reserve Bank of Australia did not deliver good news about the rate cut they’re waiting for in April. No recent developments have allowed the RBA to confidently announce a rate cut just yet. They expect inflation to return to the target range of 2–3 percent in the second half of 2025.

Relevant News

The cash rate has been held at 4.35% for months and was maintained in the last meeting on the issue in March. Meanwhile, mortgage holders struggle to make their payments while they wait for news about a rate cut. 

But the Reserve Bank of Australia did not deliver good news about the rate cut they’re waiting for in April. No recent developments have allowed the RBA to confidently announce a rate cut just yet. They expect inflation to return to the target range of 2–3 percent in the second half of 2025.

Conclusion

The Reserve Bank of Australia must be feeling the pressure. The whole country has been looking to the RBA for news that an interest rate cut is on the way. Unfortunately, developments in April 2024 did not offer the relief so many Australian homeowners are waiting for.

However, all hope is not lost. Kingdom Wealth Creation is here to help you pay your mortgage off sooner and save thousands. Find out how in 60 seconds with our handy mortgage calculator tool.

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