Reserve leaves rates on hold
THERE will be no Melbourne Cup Day relief for people with mortgages, after the Reserve Bank of Australia announced it would keep interest rates on hold at 3.25 per cent.
Economists had widely been predicting the Reserve would drop rates to 3% in an effort to counter a slowing economy.
However, the RBA chose not to reduce the cash rate, blaming high inflation in the September financial quarter.
Yesterday is the first time in six years interest rates have remained steady on Melbourne Cup day.