Today is October 1 and here is your Inside Auspol
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The Reserve Bank of Australia kept the cash rate on hold at 3.6% Wednesday, disappointing mortgage holders hoping for a fourth rate cut this year after recent inflation data showed prices rising faster than expected. Governor Michelle Bullock said inflation remains within the central bank’s 2-3% target range but recent increases in services and housing costs warrant caution, with the board maintaining a data-dependent approach ahead of its November meeting.
The decision sparked political debate, with Treasurer Jim Chalmers highlighting that three previous rate cuts this year are already saving households with a $700,000 mortgage about $4,000 annually, while Shadow Treasurer Ted O’Brien blamed government spending for keeping rates elevated. Market economists now expect at most one additional rate cut this year, a sharp retreat from earlier predictions, as the Reserve Bank balances signs of economic recovery against persistent inflation pressures and global uncertainty.
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